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Level 2
posted Mar 12, 2022 5:02:39 PM

For Tax Year 2021: Net Operating Loss

I am on the screen that references the "2020 Net Operating Loss."

 

Question 1:  Where do I find the "Net Operating Loss Carryover" on my Tax Return for Tax Year 2020?  Is it on Schedule 1 (Form 1040) Line 3?

 

Question 2:  Where do I find the "AMT Net Operating Loss Carryover?

 

Thank you so much!

 

 

0 2 577
2 Replies
Level 15
Mar 12, 2022 5:32:25 PM

it's nowhere in particular and Turbotax doesn't compute it.

you need to use form 1045 schedule A to compute it

https://www.irs.gov/pub/irs-pdf/f1045.pdf 

 

the bad news is unless you included an election to carry forward the 2020 NOL, assuming you had one, you must now carry back that NOL to 2015 and then forward.   sadly Turbotax no longer sells or supports the 2015 app which leaves Turbotax users (you can finish the sentence).   be wary of offerings on the web or elsewhere for the apps prior to 2018.  they are unsupported, can't be updated and no state apps are available.

 

 

 

 

 

 

Level 2
Mar 12, 2022 6:44:01 PM

Oh Wow...Thank you for your reply.