Net operating loss (NOL) carryover

[kimardenmiller]

Is there a place in TurboTax that shows how much is getting applied against current income in the current year?

[KrisD15]

Schedule 1 line 8a

[kimardenmiller]

I entered the full NOL on the Federal Carryover Worksheet 14a and TurboTax then populated Sch 1, 8a with the full amount. 

Where should I have entered the full NOL amount?

[KrisD15]

In TurboTax Home and Business it's located under the Business tab

Less Common Business Situations

Net operating Loss/QBI

For the other TurboTax products, it is located under

Wages & Income

Investment Income

Capital Loss Carryover 

[kimardenmiller]

Right ... the capital loss carryover section does not seem to cover NOL amounts.  

Does entering the full NOL amount on the Federal Carryover Worksheet 14a sound right?

[kimardenmiller]

I'm using Mac Desktop Deluxe.

If I upgrade to Home & Business (desktop), will TurboTax carry the correct amount over to the 1040? By entering my total NOL in the Federal Carryover Worksheet 14a in the Deluxe version I am currently ending up with that whole amount on 1040 line 8, driving my income to a large negative number. Is that large negative number the correct behavior, or should only a portion of my total NOL show up on my 1040 so as to bring my tax liability to zero?  

[kimardenmiller]

Ok, so let the large negative number flow thru to my 1040 Adjusted Gross Income, but calculate my NOL carryover to 2024 manually. Got it!

Thanks so much! 🙂

[monica110]

Hi

For 2023 in my turbo tax premier I have an NOL!

when I did my taxes for 2023, they asked if i had a NOL for 2023?

after I answered yes, they say you can carry your NOL forward to 2024

Now my question it's : was I supposed to calculate the NOL or it's automatic?

and where was I supposed to put the amount for the NOL in 2023?

[monica110]

yes I do

but where was I supposed to put the amount for the NOL in tax premier of 2023

[monica110]

the NOL was generated by the 2 business that I own

where is the   section in the interview to enter an NOL in premier?

they only ask if I have the NOL in the interview but i Don't see where i put the amount