Can NOL for individuals carried forward from 2016 & 2017 be used to offset 2018 ordinary income under the new tax law?

[TaxGuyBill · Accepted solution]

Yes, Net Operating Loss carryforwards can still be used, and can offset your 2018 income.

[ybanag]

TurboTax Premier did not carry over the NOL to 2018 ? I do not see an amount populated on the form?

[TaxGuyBill]

From what I have been told, TurboTax does NOT calculate NOLs.  

That means you need to MANUALLY calculate it and MANUALLY enter it where it asks for it.

[dydeanne55]

I read that long ago as well, but it seems to have entries that I did not put into 2018

[ybanag]

The whole point of TurboTax is so you do not have to make calculations...?!   >: (

[TaxGuyBill]

But there are A LOT of "unsupported calculations" in the program.

[dydeanne55]

Turbo tax carried over an nol from last year. But there's still a lot to consider when taking NOL. The statement form has to be filled out. The exemption that is gone now was calculated into the carryforward.  Now there are just deductions. I've read the NOL can only be used against the spouse who incurred the loss and not the total income, but it appears TT is deducting from total income.  Perhaps a CPA call is in order.