Hello,
I am working on Tax Year 2023.
I have carryforward losses for an LLC that ceased operations in 2021. The LLC has been dissolved and I have not owned any other businesses since then.
However, I have carryforward losses for this business that were reflected on Forms 4797 and Forms 8995 last year (Tax Year 2022 - filed by a CPA)
I do not want to lose these carryforward losses even though I cannot currently use them.
How do I enter this information in the different TurboTax versions? Can I view and edit the completed forms? I do not want to pay or use TurboTax if it does not have this capability.
Thank you.
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Yes, any of the TurboTax CD/Download Products will allow you to view and edit the forms in your return. In most cases, carryover losses are entered under a related activity (rental, self-employment, investments) using the step-by-step interview provided in all TurboTax products.
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