topic NOL Carryforward for caualty loss 2022 to 2023 in Get your taxes done using TurboTax

NOL Carryforward for caualty loss 2022 to 2023

JHtaxpayer — Tue, 24 Feb 2026 07:01:29 GMT

After filing for an extension, I am completing my 2022 taxes. I completed the worksheets in IRS Pub 536 and confirmed I have a net operating loss for Hurricane Ian (Federal Disaster) damage to my principal residence (deductions exceeding income). How will TurboTax pick that up (or will it) as a carryforward when I complete my 2023 taxes? (i.e. will I have to manually enter it in 2023?) Secondly, will I have to itemize again in 2023? (Ian has not yet been declared a qualified disaster, so I must itemize in 2022).

Re: NOL Carryforward for caualty loss 2022 to 2023

Anonymous_ — Thu, 31 Aug 2023 22:56:01 GMT

TurboTax neither calculates nor carries forward an NOL. You have to enter the figure manually.

Re: NOL Carryforward for caualty loss 2022 to 2023

Patrice8 — Wed, 14 Feb 2024 05:21:33 GMT

Where do you figure it manually. Turbo Tax won't let me remove the NOL once I entered it in the K-1.

Re: NOL Carryforward for caualty loss 2022 to 2023

Anonymous_ — Wed, 14 Feb 2024 14:59:20 GMT

https://www.irs.gov/instructions/i1045#en_US_2023_publink1000306711