Loss Carry Back & Carry forward in Turbotax?
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kevinbaker2275
Level 3

Loss Carry Back & Carry forward in Turbotax?

New to Turbotax. Does anybody know how I can carry back and if required, carry forward losses in Turbotax. Also, does Turbotax automatically carry back first and then carry forward once carry back is exhausted? Thank you!

9 Replies
ColeenD3
Employee Tax Expert

Loss Carry Back & Carry forward in Turbotax?

For tax years after 2017, there is no longer any carryback, only carry forward. Please see the link below.

 

NOL

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kevinbaker2275
Level 3

Loss Carry Back & Carry forward in Turbotax?

Hi these are taxes for 2016 and 2017, so I should be able to carryback losses. Any idea where this information resides in Turbotax Home and Business? Thanks!

DianeC958
Expert Alumni

Loss Carry Back & Carry forward in Turbotax?

The Net Operating Loss information is part of the Federal Section, Wages & Income, Other Business Situations.

 

Net Operating Loss.

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kevinbaker2275
Level 3

Loss Carry Back & Carry forward in Turbotax?

Hi Coleen, thank you for your response. I still need to carryback NOL for 2016 and I don't know how to do this in Turbotax. Can you possibly help? Thank you!

ColeenD3
Employee Tax Expert

Loss Carry Back & Carry forward in Turbotax?

Fortunately, I still have an old screenshot. In your 2016 program, follow these steps:

 

Tools

Topic Search

Type "NOL elections, current year"

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steward4Him
New Member

Loss Carry Back & Carry forward in Turbotax?

Has Turbotax updated the ability to now amend past returns and carry back losses due to the recently passed COVID-19 legislation?

RobertG
Expert Alumni

Loss Carry Back & Carry forward in Turbotax?

At this point, we don't know when or how that will happen.

 

Check this TurboTax website for updates: CORONAVIRUS TAX CENTER

 

@steward4Him

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zenmster
Level 3

Loss Carry Back & Carry forward in Turbotax?

HI am working on my tax year 2019 and I'm getting a step after entering my NASDAQ options profit/loss actually asking 'Amount to be Carried bAck"

 

I dont' understand what to put in this box.  

I only entered options traded in 2019 - no other year does this apply to. 

 

ignore? 

Add "zero"

 

 

It says (after amt to be carried back"

"Enter the amount of loss you plan to carry back from 2019. You will also need to file an amended return for the year to which you're carrying back the loss"

 

I hope even though the tax deadline for tax year 2019 has passed - someone will see this and reply. Trying to get my returns sent out this week 😉

?????

Anonymous
Not applicable

Loss Carry Back & Carry forward in Turbotax?

which section under investment income are you using?  it would seem your using the contracts and straddles section.

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