topic How do I enter my 2017 NOL into my 2018 tax calculations in Turbotax for self-emplyed? in Business & farm

How do I enter my 2017 NOL into my 2018 tax calculations in Turbotax for self-emplyed?

derf69 — Mon, 03 Jun 2019 20:13:55 GMT

I am self-employed and have an LLC that I file as a single proprietor pass through. I have an NOL from 2017. How do I properly input this into my 2018 turbotax for self-employed? I cannot find a consistent answer anywhere.

If you did your taxes with TurboTax last year and you did...

Coleen3 — Mon, 03 Jun 2019 20:13:57 GMT

If you did your taxes with TurboTax last year and you did not elect to carry it back, it should have transferred forward.

To enter the net operating loss from 2017, take the following steps in TurboTax:

From within your federal return, type "nol carryforward" in the search field at the righthand top of the screen.
Select "Jump To nol carryforward" and you will be brought to this section of TurboTax to enter your information. (See sample screenshot below.)

Thanks. For some reason it did not transfer forward from...

derf69 — Mon, 03 Jun 2019 20:13:58 GMT

Thanks. For some reason it did not transfer forward from last year. This is the only place I could figure to do it also.

Glad you got it!

Coleen3 — Mon, 03 Jun 2019 20:13:59 GMT

Glad you got it!