I have Trader Tax Status with Section 475. I have a loss from 2020, where do I enter it on 2021 tax return?

[section4]

I have Trader Tax Status with Section 475. I have a loss from 2020, where do I enter it on 2021 tax return?

[Anonymous_]

@Mike9241 

[Mike9241 · Accepted solution]

possibly nowhere.  the only carryover you get is if you have a net operating loss in 2020.  you use form 1045 schedule A to see if you have one. Turbotax does not have that feature.  if you did have an NOL for 2020, unless you included an election to carry forward the NOL in a timely files 2020 return, the NOL must first be carried back 5 years to the 2015 return any unused NOL is carried forward until used up.  Negative AGI line 11 on the 2020 1040 would be an indication you had an NOL

https://www.irs.gov/pub/irs-pdf/f1045.pdf