topic Loss Carry Back & Carry forward in Turbotax? in Deductions & credits

Loss Carry Back & Carry forward in Turbotax?

kevinbaker2275 — Fri, 07 Feb 2020 23:17:51 GMT

New to Turbotax. Does anybody know how I can carry back and if required, carry forward losses in Turbotax. Also, does Turbotax automatically carry back first and then carry forward once carry back is exhausted? Thank you!

Re: Loss Carry Back & Carry forward in Turbotax?

ColeenD3 — Fri, 07 Feb 2020 23:41:40 GMT

For tax years after 2017, there is no longer any carryback, only carry forward. Please see the link below.

NOL

Re: Loss Carry Back & Carry forward in Turbotax?

kevinbaker2275 — Sat, 08 Feb 2020 02:41:02 GMT

Hi these are taxes for 2016 and 2017, so I should be able to carryback losses. Any idea where this information resides in Turbotax Home and Business? Thanks!

Re: Loss Carry Back & Carry forward in Turbotax?

DianeC958 — Sat, 08 Feb 2020 15:58:53 GMT

The Net Operating Loss information is part of the Federal Section, Wages & Income, Other Business Situations.

Net Operating Loss.

Re: Loss Carry Back & Carry forward in Turbotax?

kevinbaker2275 — Mon, 10 Feb 2020 16:21:25 GMT

Hi Coleen, thank you for your response. I still need to carryback NOL for 2016 and I don't know how to do this in Turbotax. Can you possibly help? Thank you!

Re: Loss Carry Back & Carry forward in Turbotax?

ColeenD3 — Mon, 10 Feb 2020 16:39:13 GMT

Fortunately, I still have an old screenshot. In your 2016 program, follow these steps:

Tools

Topic Search

Type "NOL elections, current year"

Re: Loss Carry Back & Carry forward in Turbotax?

steward4Him — Sat, 04 Apr 2020 15:41:54 GMT

Has Turbotax updated the ability to now amend past returns and carry back losses due to the recently passed COVID-19 legislation?

Re: Loss Carry Back & Carry forward in Turbotax?

RobertG — Sun, 05 Apr 2020 00:48:23 GMT

At this point, we don't know when or how that will happen.

Check this TurboTax website for updates: CORONAVIRUS TAX CENTER

@steward4Him

Re: Loss Carry Back & Carry forward in Turbotax?

zenmster — Tue, 25 Aug 2020 06:36:31 GMT

HI am working on my tax year 2019 and I'm getting a step after entering my NASDAQ options profit/loss actually asking 'Amount to be Carried bAck"

I dont' understand what to put in this box.

I only entered options traded in 2019 - no other year does this apply to.

ignore?

Add "zero"

It says (after amt to be carried back"

"Enter the amount of loss you plan to carry back from 2019. You will also need to file an amended return for the year to which you're carrying back the loss"

I hope even though the tax deadline for tax year 2019 has passed - someone will see this and reply. Trying to get my returns sent out this week 😉

?????

Re: Loss Carry Back & Carry forward in Turbotax?

Anonymous — Tue, 25 Aug 2020 08:13:21 GMT

which section under investment income are you using? it would seem your using the contracts and straddles section.