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Level 4
April 16, 2023
Question

NOL carry forward

  • April 16, 2023
  • 1 reply
  • 9 views

Hello. I'm filing an a return for a minor UTMA account which has a NOL. As far as I understand, turbotax does not generate any forms to record the NOL carry forward. The NOL is allowed to be carried forward, but I need to keep track of it myself and then use it in a later year? Or do I need to file any forms this year for the NOL carry forward?

    1 reply

    Mike9241
    Level 15
    Level 15
    April 16, 2023

    not sure how a minor's UTMA account can have an NOL since an NOL can only arise from Business activities and it's difficult to see how that would happen. not saying that it couldn't 

    Mike9241
    martoroAuthor
    Level 4
    April 16, 2023

    If the entire tax return's income (AGI) is less than 0, this is a NOL. It doesn't need to be from business activities.