NOL Carryover

[bandycoot]

I have a new business from last year that took a loss. Do I do a NOL carryover the entire loss?

[Mike9241]

oops'    did you file an election to carryforward the NOL.  if not, you must carry back the NOL to the fifth prior year and then forward.

[bandycoot]

Just started the business in 2019 and took a loss in 2020.

[ErnieS0]

TurboTax does not calculate a net operating loss. You will have to do that yourself. 

As Tax Champ @Mike9241, if you did not file a Section 172(b)(3) Election to Forego Carryback, you will have to amend your prior year returns first before claiming any net operating loss on your 2021 return.

The CARES Act provided for a special 5-year carryback for taxable years beginning in 2018, 2019 and 2020. 

Refer to IRS Publication 536 on how to compute your net loss.