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mossycreek47
Level 1

How does carry over from 2018 ($686) affect filing 2018 taxes?

My 2018 Form 500-NOL shows Net Operating Loss of $686. I don't understand how this loss is derived. Will it affect my GA return?
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Accepted Solutions
MarilynG1
Employee Tax Expert

How does carry over from 2018 ($686) affect filing 2018 taxes?

Your Net Operating Loss (NOL) will reduce your taxable income.  However, deducting your loss of $686 will probably not affect either your Federal or Georgia returns much.

 

To enter your NOL, type NOL in the Search window, then 'Jump to NOL'.

 

Click this link for more info on  NOL.  

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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1 Reply
MarilynG1
Employee Tax Expert

How does carry over from 2018 ($686) affect filing 2018 taxes?

Your Net Operating Loss (NOL) will reduce your taxable income.  However, deducting your loss of $686 will probably not affect either your Federal or Georgia returns much.

 

To enter your NOL, type NOL in the Search window, then 'Jump to NOL'.

 

Click this link for more info on  NOL.  

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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