Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
Level 2
posted Aug 31, 2023 3:35:08 PM

NOL Carryforward for caualty loss 2022 to 2023

After filing for an extension, I am completing my 2022 taxes. I completed the worksheets in IRS Pub 536 and confirmed I have a net operating loss for Hurricane Ian (Federal Disaster) damage to my principal residence (deductions exceeding income).  How will TurboTax pick that up (or will it) as a carryforward when I complete my 2023 taxes? (i.e. will I have to manually enter it in 2023?)  Secondly, will I have to itemize again in 2023?  (Ian has not yet been declared a qualified disaster, so I must itemize in 2022).

0 3 763
3 Replies
Level 15
Aug 31, 2023 3:56:01 PM

TurboTax neither calculates nor carries forward an NOL. You have to enter the figure manually.

Level 1
Feb 13, 2024 9:21:33 PM

Where do you figure it manually. Turbo Tax won't let me remove the NOL once I entered it in the K-1.

 

Level 15
Feb 14, 2024 6:59:20 AM