NOL

[EE42]

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

[DawnC]

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.

[EE42]

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.

[JamesG1]

Here are IRS Form 1139  and instructions.

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