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).
You'll need to sign in or create an account to connect with an expert.
TurboTax neither calculates nor carries forward an NOL. You have to enter the figure manually.
Where do you figure it manually. Turbo Tax won't let me remove the NOL once I entered it in the K-1.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
prachikumar
New Member
Detour2
New Member
JB_tax_man
Returning Member
jamesrosensweet
New Member
shaggy-148881
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.