What is the Federal Carryover Worksheet in TurboTax?

Forum|Forum|4 years ago
July 22, 2022
2 replies
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I have been using TurboTax for 10+ years. When I prepare the Net Operating Loss item this year, I found out that TurboTax has a Federal Carryover Worksheet, and there is a section of Qualified Business Income Deduction (Section 199A) carryovers. That section has 2020 and 2021 with

Line 28 Qualified business loss carryforward

Line 29 Qualified PTP loss carryforward

Line 31 Applicable percentage

Question 1: Is that mean TurboTax keeps track of my NOL and I can just use my Line 29 as my NOL?

Question 2: If it's a "No" for question 1, how can I make use of this Worksheet to calculate my NOL this year?

Best answer by Anonymous_

TurboTax does not keep track of your NOL nor does it automatically carry forward an NOL from year to year; you need to calculate your NOL manually (using the IRS worksheet) and then manually enter the NOL into TurboTax.

Anonymous_Answer

Level 15

Mike9241

Level 15

a taxpayer can have an NOL carryover, a non-PTP-QBI loss carryover, and a PTP-QBI loss carryover. They are independent of one another, so you could have one, two, or three. Turbotax does keep track of both types of QBI loss carryovers but not an operating loss carryover.

Mike9241