NOL carry forward

[Wetmelon]

For some reason TT2021(Premier) has not included NOL in the easy step method. Additionally there is contradicting info on the help section. Here’s my experience from reading help comments and reality. Typing NOL or NOL carry forward in the SEARCH window does nothing but bring up user comments. But going to SEARCH TOPICS will bring up the TT NOL info. Following this info and IRS Pub 536 you will find in FORMS everything you need to file with TT. If you use TT last year this may(can’t remember) be filled out but you can do it manually by adding the NOL carryover and everything is filled. Additionally you can elect to waive the NOL carry back for last year’s NOL in FORM IRC 172(b) which is included in TT (FORMS). You can add the explanation of NOL required in the FORM “Other Income”/“Explanation Statement” in TT.       Some comments insist  you need to do everything manually and send written returns, however,  it appears TT Premier includes all requirements as delineated in IRS 536 for e-filing...is this true?

[tagteam]

The yield out of this is simply that TurboTax does not calculate an NOL nor does it carry an NOL forward to the following tax year.

The user must calculate the previous year's NOL and then enter the NOL (which was carried forward) into the program.

[Mike9241]

to calculate your 2020 NOL use form 1045 Schedule A. if you did not make an election to carry it forward on the 2020 timely filed return it must be carried back to 2015 which Turbotax no longer supports

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

https://www.irs.gov/pub/irs-pdf/i1045.pdf  instructions