topic How can I do a NOL (from my small business) carryover when Sch-D doesn't allow it because I made a small profit doing stock trade? in Business & farm

How can I do a NOL (from my small business) carryover when Sch-D doesn't allow it because I made a small profit doing stock trade?

Anonymous — Tue, 07 Apr 2020 23:46:49 GMT

Re: How can I do a NOL (from my small business) carryover when Sch-D doesn't allow it because I m...

MaryK4 — Wed, 08 Apr 2020 02:05:18 GMT

The Net Operating Loss is different from the Capital Loss Capital Carryover which is on Schedule D. The Newt Operating Loss for individuals applies to your overall income, if you only had a Schedule C business loss, it is netted against your other income.

Re: How can I do a NOL (from my small business) carryover when Sch-D doesn't allow it because I m...

Anonymous — Wed, 08 Apr 2020 02:20:19 GMT

Thanks.

Where shall I report Net Operating loss? in turbotax?

Re: How can I do a NOL (from my small business) carryover when Sch-D doesn't allow it because I m...

MaryK4 — Wed, 08 Apr 2020 02:32:23 GMT

If the loss is this year, the Net Operating Loss will be calculated by TurboTax and will usually be a negative AGI for the year- but there will also be a Worksheet that will show the calculation. If you use TurboTax next year, it will automatically transfer it to the 2020 tax return.

If you have a Carryover from another year to add, look under Other Tax Situations.

@Anonymous