Does Turbo Tax calculate NOL?

[chahiu]

Hello,

In 2024, I had W2 income of $40k and a S Corp k1 Loss of $120k (nonpassive and at-risks applies, also stock basis was $200k so enough to cover the loss).  So I had a Negative AGI of $80k.  Should Turbo Tax calculate a NOL to carryover to 2025?  Because I did not see NOL anywere in the 2024 return.    I have positive K1 income now and would like to offset with my prior year NOL if possible.  Thanks.

-Hiu

[ThomasM125]

TurboTax will not calculate the net operating loss or carryover amount. You will need to calculate it yourself and then enter it in the program.  You can do that by using IRS Form 172.

The loss will only appear on the return that you use it on. To use your loss carryover in TurboTax, you will use the Search icon on your menu bar and type in "NOL Carryforward" which will have a "jump to" option you click on to bring you to the screen where you enter your NOL carryforward amount.

[chahiu]

Hi ThomasM125,

So does it mean i need to file an Amendment return and provide Form 172 because NOL was not showing in my 2024 tax return?   Thanks.  Hiu

[ThomasM125]

The instructions to Form 172 are not specific as to which return to include it with. It would be beneficial to include it with the year in which you are entering it on your tax return, which is 2025 in your case. I would not do any harm to include it with the 2024 return, but the instructions don't mention that it is a requirement.