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I filed for hurricane disaster relief for 2024 my loss was more than my income. can I file for 2025 the rest of my loss?

can I claim losses over more then one year for hurricane disaster relief.
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I filed for hurricane disaster relief for 2024 my loss was more than my income. can I file for 2025 the rest of my loss?

if your loss was due to a federally declared disaster, the loss may be taken in 2023 or 2024 (FORM 4684). if in the year you take the disaster loss you have negative adjusted gross income, you may have a net operating loss that is then carried forward to the next tax year. Form 172 is used to calculate your NOL but Turbotax doesn't currently support this form and is crucial to read the instructions for each line. 

 

you can amend 2024 and take the loss in 2023 if its more beneficial. However determining which year is most beneficial for you can be complicated. You may want to have your situation reviewed by a tax pro. 

 

 

 

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