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Anybody know why my 2021 income would start off with a negative amount?

I have 2020 self employment work with amount under it and 2021 with a negative amount, before even starting the return.
3 Replies

Anybody know why my 2021 income would start off with a negative amount?

If you pulled thru the 2020 information AND you have assets being depreciated or an NOL carried forward then starting with a negative is normal. 

Anybody know why my 2021 income would start off with a negative amount?

Thanks for your response.  Can you tell me what an NOL is and whatever that negative amount is, comes right off the top of my earnings?  Thank you again.

Anybody know why my 2021 income would start off with a negative amount?


@ redsoxterry  wrote:

Thanks for your response.  Can you tell me what an NOL is and whatever that negative amount is, comes right off the top of my earnings?  Thank you again.


Someone familiar with that can likely explain what an NOL (net operating loss) is in this forum, but for your particular situation and for any in-depth back-and-forth, also be aware that your product (Live Self-Employed), which you are paying extra for, includes on-demand live realtime help from a CPA/EA tax expert.   With that live product, in addition to on-demand live help (including live one-way video chat if desired), you can also get a review of your return by an expert prior to filing.

 

FAQ:  What is TurboTax Live?

https://ttlc.intuit.com/community/choosing-a-product/help/what-is-turbotax-live/01/27191

 

FAQ:  How to connect with a live tax expert
https://ttlc.intuit.com/community/expert-review/help/how-do-i-connect-with-a-tax-expert-in-turbotax-...

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