topic Re: Figuring NOL Carryover in Get your taxes done using TurboTax

Figuring NOL Carryover

tax_unexpert — Thu, 13 Feb 2025 02:05:51 GMT

I had an LLC and on my 2023 taxes reported a net business loss on Schedule C. I also had W-2 income in 2023 but the business loss was greater which resulted in a negative AGI. I am trying to figure out if I have an NOL that can be carried over to my 2024 return. If so, do I need to submit any extra forms or do any amendments to my 2023 return to properly report this NOL?

Re: Figuring NOL Carryover

KrisD15 — Thu, 13 Feb 2025 02:44:39 GMT

If you used TurboTax last year the NOL may have carried forward.

Look under the Business Tab

Scroll down to "Less Common Business Situations"

and scroll under that to

"Net Operating Loss/QBI Carryforward loss START

If no carry over is listed, you manually enter what you can/want to take on the current year return

Look at the "Carryover Worksheet" for 2023. It may not have printed with your tax file since it is a worksheet, not a tax form.

If you didn't print it, so back to your tax returns and documents, and select to print worksheets.

It will be reported on that worksheet line 14a.

ONLINE:
Open the return by selecting "Add a State"
Select "Tax Tools" left side bar) and "Print Center"
Select "Print, save, or preview this year's return"
Check the boxes for your Federal and State returns (this will open further options)
Choose to include the government and TurboTax worksheets
Then click "View or Print Forms".

If you have Desktop, you can print just the single worksheet using Forms Mode (top right)

Re: Figuring NOL Carryover

tax_unexpert — Thu, 13 Feb 2025 13:59:08 GMT

Thank you for the response. However, I did not have any business activity in 2024 so I cannot use the QBI loss as a carryover. That's why I am trying to figure if I had an NOL in 2023 which I believe TurboTax does not calculate for me. I think that I just need to fill out Worksheet 1 from Pub 536 to figure the amount of the NOL, but I am not sure if I was supposed to report this NOL on my 2023 tax return or if I just report it as a carryover on my 2024 return. If I needed to report it on 2023 then I assume I will need to submit an amendment for schedule 1?

Re: Figuring NOL Carryover

DavidD66 — Thu, 13 Feb 2025 16:38:58 GMT

If you had a business loss that was in excess of your ordinary income (e.g. your loss was more than your other income) you probably had a Net Operating Loss (NOL).

You are correct. You have to report your Net Operating Loss Carryover in the year of the NOL. You cannot claim a net operating loss unless you reported the loss and the carry forward for the year it occurred. You are also correct that An NOL, as well as any carryover or carryback is not calculated by TurboTax. You must use the worksheets in IRS Publication 536 to determine your actual carryover/carryback and your current year NOL. In addition, if you are in a state with an income tax, you must calculate and submit the state NOL separately from the federal.