topic Where to enter At-Risk Loss Carryover from last year? in Deductions & credits

Where to enter At-Risk Loss Carryover from last year?

lescott027 — Thu, 09 Jul 2020 14:10:25 GMT

I found out that I have an At-Risk Loss from last year. Where do I enter it in the turbotax program? Do I enter it in the 465(d) carryover section under Special Situations or Do I enter it in the Net Operating Loss under the section at the bottom of Business called "Less Common Business Situations" OR do I enter it in BOTH PLACES? Also, in the Net Operating loss, it says you can enter a loss for all previous years for any unused losses. How many years back can you enter losses for? And, how do I tell if the loss is unused? Please help, I'm so lost and new at doing taxes. Thank you!

Re: Where to enter At-Risk Loss Carryover from last year?

Anonymous_ — Thu, 09 Jul 2020 14:22:06 GMT

With respect to the At-Risk loss carryover, you would enter those figures in the Business Income and Expenses section under Special Situations (as you mentioned).

Hopefully, you are aware that TurboTax does not support the calculation of an NOL (a negative AGI does not necessarily mean you have an NOL). The NOL Worksheet is available at the link below.

https://www.irs.gov/publications/p536#en_US_2019_publink1000177330

Frankly, with the issues you raised, you might want to seek guidance from a tax professional.

Re: Where to enter At-Risk Loss Carryover from last year?

lescott027 — Thu, 09 Jul 2020 22:49:01 GMT

Thank you, your answer really helped clear things up for me!

Re: Where to enter At-Risk Loss Carryover from last year?

murp736 — Fri, 02 Apr 2021 16:22:24 GMT

If business loss carryover is entered under special situations under business income and expenses then under what circumstances would a carryover be entered under Less Common Business Situations?

Also, If you have more than one business with a loss carryover are they listed separately under each business?

Thanks

Re: Where to enter At-Risk Loss Carryover from last year?

JamesG1 — Sun, 04 Apr 2021 17:27:03 GMT

At-risk entries for a specific self-employment activity can be added as follows:

Under the self-employment activity, scroll down to Carryovers, limitations, at risk. Click Start/Edit.
At the screen Do you have any of these other business situations?, click I have at-risk losses. Click Continue.
Enter at the screen Let's get your at-risk loss carryovers.