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mimix4
Level 2
April 2, 2026
Question

NOL Deduction and Carryforward

  • April 2, 2026
  • 1 reply
  • 0 views

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?

1 reply

M-MTax
M-MTax
Level 15
April 2, 2026

TurboTax does not calculate an NOL carryforward to the following tax year. You need to make the calculation yourself for the next tax year.

M
mimix4Author
Level 2
April 2, 2026

So, I should enter only the amount I want to deduct in 2025 rather than the total allowable as per instructions, correct?

M
Level 15
Mike9241Level 15
Level 15
April 2, 2026

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

 

Form 172 

 

 

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