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micropayments
Returning Member

Is the State Taxes' "Adjustment for net operating losses" the same as the losses if you have a Schedule C loss on your Federal Taxes section?

On TurboTax State Taxes Section,

 

Under "Adjustment for net operating losses"

 

It says "If you claimed a net operating loss (NOL) deduction on your federal return, then enter the amount of such NOL deduction.

 

Adjustment for net operation losses __________. "

 

If you have a "Schedule C" on your Federal Taxes' section with a business loss(in the negative) because your expenses is greater than your income. Do you enter that number as the "NOL" on the "Adjustment for net operating losses" section of your State Taxes?

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1 Reply
ThomasM125
Expert Alumni

Is the State Taxes' "Adjustment for net operating losses" the same as the losses if you have a Schedule C loss on your Federal Taxes section?

No, a net operating loss would come about if your business loss was more than your non-business income. It would not occur simply because you had a loss on your business.

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