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Level 2
January 17, 2022
Question

NOL Not being applied.

I have a profit for the year 2021. I have a NOL from previous years that exceeds the profit. Yet TurboTax says I owe a federal Tax. Why?

5 replies

Critter-3
Level 15
January 17, 2022

Which tax form are you trying to file ?    An 1120-S or 1065 ?

Level 2
January 17, 2022

1120-C

Mike9241
Level 15
Level 15
January 17, 2022

we can't see the return so review line 26a where the NOL should appear. line 27 should be 0 or negative if NOL exceeds current year profits. then review schedule J where the tax is computed

Mike9241