Business & farm

First, make sure the trust actually has an NOL and not another type of carryover loss, such as a capital loss carryover.

See https://www.irs.gov/publications/p536#en_US_2022_publink1000177329

Also, make sure you made a distribution and note that you can enter the percentage for each beneficiary on the K-1s in the Beneficiary's Allocation Smart Worksheet.