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Level 2
posted Apr 16, 2023 6:21:28 AM

NOL carry forward

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?

0 2 295
2 Replies
Level 15
Apr 16, 2023 10:32:53 AM

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 

Level 2
Apr 16, 2023 1:20:49 PM

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.