NOL

I keep getting an error and I have no idea why. Where can I get detailed instructions on completing this form?

Employee Tax Expert

From the IRS. TurboTax does not support the NOL calculations. See page 14. You need Form 1045 and IRS Pub 536 - both are attached here in those links.

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EE42Author

Level 2

I think that refers to individuals, not corporations. The worksheet is in the Turbo Tax Business, but I don't know how to fill it out correctly.

Alumni - Intuit

For a tax year beginning in 2018 or later, a net operating loss (NOL) deduction for any tax year equals the lesser of:

The aggregate of the net operating loss carryovers to given year, plus the net operating loss carrybacks to given year; or
80% (or 100% for NOLs generated in tax years before 2021) of taxable income computed without regard to the allowable NOL deduction

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