NOL from previous and current year on Married Joint 2018 Return

[Jason999]

Correction: Wife would become a 50% owner in Sole Proprietorship upon getting married, not shareholder.

[dmertz]

Wife would not automatically become 50% owner of the sole proprietorship, but if Wife had been made 50% owner and the sole proprietorship had a $20k loss in total, as I see it Husband and Wife would each have a $10k loss and Husband could use $20k of the NOL carryforward; Husband's total net income before applying the carryover would be $30k - $10k = $20k.  If Wife had been made 100% owner of the sole proprietorship, Husband could use $30k of the NOL carryforward.

[Jason999]

I wish Husband could deduct his S-Corp loss from Wife's income in my case on Married Filed Jointly return, but the primary goal is to have a correctly filed tax return. Thank you very much for your help.

[Beautysource]

Where are you entering the NOL carryforward?  In 2017 it was on Form 1040 Line 21.  I'd like it to feed through to the 1040.

Thanks.

[Anonymous_]

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@Beautysource wrote:

Where are you entering the NOL carryforward?  In 2017 it was on Form 1040 Line 21.  

Which version of TurboTax are you using?

Regardless, an NOL is entered on Line 21, Schedule 1 (Form 1040) for the 2018 tax year.

[Beautysource]

2018 Home and Business.

Thanks.

[Anonymous_]

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@Beautysource wrote:

2018 Home and Business.

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You can enter the NOL in Step-by-Step (see screenshot) if it did not transfer in from the previous year.

[Beautysource]

That's how to do it.  That is what has been giving me a problem.   Big Thank You!!