I've seen other posts about this, but none of the answers tell me what I need to know. My 2024 tax return shows carryovers to 2025 of $24K NOL and $16 NII NOL. I don't need the entire deduction on the 2025 return to net zero taxable income, yet if I, as instructed, "Enter your allowable net operating loss (NOL) carryover from 2024, including any unused carryovers from previous years", the entire amount is shown on Line 8 of the 1040 and ZERO gets carried forward to 2026. What am I missing?
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TurboTax does not calculate an NOL carryforward to the following tax year. You need to make the calculation yourself for the next tax year.
So, I should enter only the amount I want to deduct in 2025 rather than the total allowable as per instructions, correct?
You should enter the carryover into the program and let it take care of the math for the current year. You can carryover any unused amount to the following tax year.
Enter the total NOL carryforward from 2024 becuase any used amount becomes a carryover to 2026. But you must do the math
you can use FORM 172 which it seems the IRS requires but TurboTax does not support
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