topic NOL in Business & farm

NOL

hero2 — Thu, 17 Apr 2025 01:09:24 GMT

If you have a NOL, doesn't turbotax create the form 172 to show carryforward to subsequent years?

Form 172 and instructions are very confusing and seem to contradict each other.

Is there a simple way to create this form?

Re: NOL

Mike9241 — Thu, 17 Apr 2025 05:00:36 GMT

No One of Turbotax's shortcomings is no NOL calculation.

except for a C-corp and possibly for state business income tax returns, a business does not have an NOL. rather the k-1 (partnership or S-corp) transfers the loss to an individual's return and it's at the individual level that an NOL is determined. You do not complete the form for the business. only for the individual taxpayer. As a matter of fact, looking at desktop deluxe, it does not provide for the form. if you must complete it, you have several options

omit it to e-file then paper file an amended return once accepted or

mail your return and attach the form. a manual form cannot be attached to the Turbotax e-file

Re: NOL

hero2 — Thu, 17 Apr 2025 07:06:06 GMT

Thank you for your recommendation. It's really difficult to read the instructions on Form 172 and try to complete the form 172. I thought you could just simply fill out the information on Form 1040X but guess not possible.

Appreciate your help.