I want to ensure that my casualty loss was elected to be carried forward. Also, I cannot figure out how to figure/print my quarterly payment vouchers for my business.

[chaneyjamey]

Am I only allowed to use my casualty loss for one year when carried forward?

[bwa · Accepted solution]

A casualty loss by itself cannot be carried over to prior years or ahead to a subsequent year. However, it could create or increase a net operating loss deduction. A net operating loss is

• first carried back two years (unless you elect not to), and
• then carried forward to future years.

Net operating losses are complicated and difficult to compute.  They also don't show up as a line item on your tax return.  However, you do not have an NOL if line 41 of Form 1040 (in 2012, 2013 and 2014) is a positive balance. Line 41 is adjusted gross income minus the standard or itemized deductions. In such cases, any business losses were wholly or partially offset by other income. Even if it is a negative number, you still may not have an NOL.

See http://www.irs.gov/pub/irs-pdf/p536.pdf on net operating losses.

If you didn't elect to forgo the carryback period you must carry the loss back to the prior two years.  Form 1045 is used for that purposes up to the last day of the year following the year of the loss.  TurboTax does not support Form 1045.  A copy is here:  https://www.irs.gov/pub/irs-pdf/f1045.pdf