Why is TurboTax saying I must carry my NOL forward?
Everywhere I look online says NOLs can be carried back up to 5 years. Also I already filed, so am I able to ammend my return to carry back the NOLs?
04579
4 Replies
KrisD15
Expert Alumni
Mar 2, 2021 4:46:13 PM
The TurboTax program does not carry-back NOL.
You'll need to amend the previous year's return to claim that.
[Edited 03-02-2021 | 09:04 PM PST]
UCcpg
Level 3
Mar 2, 2021 4:56:27 PM
"The CARES Act provides that NOLs incurred in 2018, 2019, and 2020 may be carried back to offset taxable income earned during the five-year period prior to the year in which the NOL was incurred."
Is the CARES Act old news? This is tax year 2020.
KrisD15
Expert Alumni
Mar 2, 2021 9:00:34 PM
You are absolutely correct.
No, TurboTax does not support that.
You will need to amend and do that manually.
UCcpg
Level 3
Mar 3, 2021 4:16:35 AM
Thank you. This makes me question their maximum refund guarantee. Because a carryback is what would guarantee a maximum refund... With so many people using turbotax, this oversight would be rather significant.