how can I tell how much of my business expense deduction will roll over into 2025?

[Mike1127]

In my 2024 tax return, I showed a $7000 loss on Schedule C. I also had income from social security, retirement accounts, and royalties. I ended up owning no Federal or state income tax and owed no self-employment tax.

I'd like to know if all of that $7000 was deducted fromother income sources, or if there's any "left over" that will roll over into 2025. That is, could be reported as a business loss in 2025. How can I determine that?

[AmeliesUncle]

Not counting Social Security, were your retirement withdrawals and royalties over $7000?  If so, your Schedule C loss would have offset that income and none of it would be carried to 2025.

If that other income was less than $7000, you may have a "Net Operating Loss" (NOL).  TurboTax does NOT calculate an NOL, so you would need to manually calculate that to manually carry over to 2025 (or go to a tax professional).