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angshawnsam
Returning Member

NOL Carryover for 2020 Tax Returns (Amending)

In 2019, I had a substantial loss due to selling a rental property... leading to a large negative income  (AGI Line 8b of 1040). Turbotax did not forward that information to Turbotax 2020 and I did not account for that in the 2020 return.

Can I use Turbotax to file an amendment and does Turbotax have the ability assist in calculating information needed for the Form 1045.   Not finding the IRS instuctions helpful.

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ErnieS0
Expert Alumni

NOL Carryover for 2020 Tax Returns (Amending)

You can use TurboTax to amend a 2020 tax return to add a net operating loss. However you’ll have to calculate and enter the amount yourself.

 

TurboTax does not calculate a net operating loss, nor does it carry any amount forward (because that would require a calculation).

 

How do I amend my 2020 return?

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