The description above the box that is blank notes "Your $988 section 465(d) carryover has already been added to your expenses." If you need to adjust this amount you can click the link in the software or:
Section 465(d) carryover costs refer to any business losses you carry over from a previous tax year. Losses happen when your business expenses are higher than your business income.
If you exceed the amount of losses you can claim and you are not personally 'at risk' (meaning, you can't use the business losses to reduce your personal taxes), you can carryover the balance of the losses and potentially deduct them the next tax year.
Once you carryover a loss, you can continue to carry it over multiple tax years until the balance is used up.
When you do your taxes with TurboTax, we'll get all your business income and expenses info to see if you had any losses.
If you need to add or make any changes to your carryover costs, you can find them under 'Final Details'. Select 'Special Situations.'
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