We have had business losses for the last couple of years. I have attempted to follow the IRS pub 536 and it is very daunting, so I gave up last year, but thought maybe I should investigate it this year. Where can I find the information they are requesting in my records? I'm not sure this is even worth the time to try to complete the form. After I told TT that I did have an NOL, the next screen said I could "carry it forward to 2024". So, please advise ... will whatever the amount is carry forward next year? or do I need to try to complete the worksheet? and if yes, where do I find the information, and then what do I do with it? Thank you.
@kare2k13 wrote:
... will whatever the amount is carry forward next year? or do I need to try to complete the worksheet?
Unfortunately, you need to complete the worksheet and then manually enter the NOL figure into your 2024 return.
See https://www.irs.gov/publications/p536#en_US_2023_publink100097938
I have read through pub 536 and it doesn't tell me where to get the numbers I need. We are a very small business, and I looked at this last year and decided it was too complicated for a self reporting TT user. It just doesn't have enough direction to complete, and I've been doing this for several years with the help from the patient and informative Community have solved all of the issues I've faced except this one. I give up. I'll just skip it because it probably won't really help next year anyway.
Thank you for your assistance. Have a great rest of the day and week. k