topic TurboTax Carryover NOL from 2019 to 2020 in Get your taxes done using TurboTax

TurboTax Carryover NOL from 2019 to 2020

Anonymous — Thu, 02 Apr 2020 23:57:49 GMT

I have never had a loss on my business' 10 year history and thus never had an NOL situation until 2019. To be clear, my 2019 Sch C has a $32,000 loss and my 2019 1040 has a $29,000 loss. TT alerted me that I may be able to carryover my NOL to 2020. Is this automatic as long as I use TT again next year in 2020? I have searched high and low for a page or form where I can elect to have the carryover to 2020 or at least the confirmation that it will transfer. Most of your NOL search topics guide me to the IRS Pub 536 where the steps and language are very complex. Will this NOL automatically carryover to my 2020 return or do I need to manually compute this and manually enter. Please advise. Thank You.

Re: TurboTax Carryover NOL from 2019 to 2020

Anonymous_ — Sun, 18 Apr 2021 14:27:03 GMT

@Anonymous wrote:

Will this NOL automatically carryover to my 2020 return or do I need to manually compute this and manually enter.

You will have to calculate your NOL for 2019 (link below) and then manually enter the figure into the 2020 version of TurboTax since the program does not calculate an NOL nor does it carry over an NOL to a subsequent tax year.

https://www.irs.gov/pub/irs-prior/p536--2019.pdf

Re: TurboTax Carryover NOL from 2019 to 2020

Anonymous — Sun, 18 Apr 2021 06:27:44 GMT

In addition, if you are carrying a NOL forward rather than back you have to elect to waive carryback in a timely manner.