If your S-corp did not file a tax return in 2020, there is no loss to report on your personal tax return this year. Was the S-corp loss in 2019 reported on your 2019 personal tax return? You should have had a K-1 from the S-corp that year. If your S-corp closed in 2020, it still needs to file a final tax return in 2020.
Steps to Take to Close Your Business
- File a Final Return and Related Forms
- Take Care of Your Employees
- Pay the Tax You Owe
- Report Payments to Contract Workers
- Cancel Your EIN and Close Your IRS Business Account
- Keep Your Records
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If 2019 was the final year of the corporation, it looks like your personal return had negative income, which means you have had a Net Operating Loss in 2019 on your personal tax return.
TurboTax does NOT calculate Net Operating Losses, so you may want to go to a tax professional.
Yes, my S-crop had a loss in 2019. My income was vey low and wondering if this loss can also be carried over to this years taxes as well. If so why doesn't turbo tax carry it over.
Thanks for your help
Yes, you should be able to do that. Check this response from MarilynG1:
Type Nol in the search box, then click on the Jump to link.
You should be able to enter your Net Operating Loss carryover amounts without issue.
Check your Federal Carryover Worksheet from your 2019 return for the amount.