NOL for Estate in TurboTax Business Desktop

[trudgingalong]

When I finished and checked the 1041, the program suggested the NOL since there was a negative number on line 23. It pointed me to IRC 172 (b)(3) in "Other Forms You May Need." I've been over the program a million times, and can't find this. I've already mailed the tax return, so assuming I do ever locate "Other Forms," am I out of luck for the next filing period?

[Anonymous_ · Accepted solution]

Unless the estate was involved in some sort of trade or business, it most likely does not have an NOL.

Use the worksheet at the link below to figure out if the estate actually has an NOL.

See https://www.irs.gov/publications/p536#en_US_2022_publink1000177318

[trudgingalong]

Thank you for taking the time to reply. One more thing off the list of stuff to worry about. Glad I didn't wait to send the tax return off. The only "business" the estate had was the usual -- bank accounts, mutual funds, and selling the house my father had lived in. I'm beginning to see why he swore by TurboTax.

[roytrousdell213]

Under Other Forms, I searched on reference and found Elections Summary and specific form.