topic NOL (net operating loss) calculation Form 172? in Get your taxes done using TurboTax

NOL (net operating loss) calculation Form 172?

taxingmypatience — Sat, 22 Feb 2025 22:57:55 GMT

I have a casualty loss carryover from last year, and apparently the IRS says to use Form 172? I can find no reference in Turbotax Windows that this form will exist. Is Form 172 just for calculation and I don't need to file it with my return?

If I have to do my own taxes by hand, I'm kind of confused what TurboTax is for.

Re: NOL (net operating loss) calculation Form 172?

BrittanyS — Tue, 25 Feb 2025 01:23:16 GMT

Can you clarify if you received the notice for NOL for this year?

Re: NOL (net operating loss) calculation Form 172?

taxingmypatience — Tue, 25 Feb 2025 01:40:15 GMT

No, I filed in 2013 using "casualty loss" form 4684, where I dramatically exceeded my income. According to the IRS page on casualty losses, the excess should roll over as a Net Operating Loss.. but I can't figure out how to go from my 2013 4684 to my 2014 NOL.

It also appears California wants a form called "3805V" to also be included, maybe even for 2013? Which also doesn't exist in TurboTax.

I cannot be the only person using TurboTax who had a disaster loss and a carryover?

Re: NOL (net operating loss) calculation Form 172?

Mike9241 — Tue, 25 Feb 2025 04:20:41 GMT

there is no form 172

there is from 1045 schedule A but I don't know if it is different for 2013. are the years correct because if so, it may be too late to claim an NOL carryforward? A 2013 NOL may have required it to be carried back 3 years and any remaining forward each year.