I have a large casualty loss from Hurricane Helene. My large itemized deductions when taken against my small AGI would have created a large negative Taxable Income amount on line 15 of Form 1040, but turbotax placed a zero on that line. I have filed my return electronically, but how do I document the NOL carryforward. Do I file an amended return attaching Form 172, or just include form 172 in my 2025 return as I claim in the NOL in carryforward years?
You don't need to include the Form 172 with your tax return, you just complete it to determine your net operating loss and keep it in your files. The loss will not appear on your 2024 tax return, it will only appear on the return that you use it on. To use your loss carryover in TurboTax, you will use the Search icon on your menu bar and type in "NOL Carryforward" which will have a "jump to" option you click on to bring you to the screen where you enter your NOL carryforward amount: