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Level 2
posted Jul 7, 2020 5:53:09 PM

What amount to enter for NOL

Where from my 2018 1040 will I get the amount for my 2018 NOL to enter on my 2019 1040 ?

0 5 928
5 Replies
Level 15
Jul 7, 2020 7:30:37 PM

You need to calculate your NOL.

 

See https://www.irs.gov/publications/p536#en_US_2019_publink1000177330

 

TurboTax does not support calculating an NOL.

Level 2
Jul 8, 2020 12:54:51 AM

I already calculated my NOL  for 2017 and am just carrying forward the balance through the years.
I used my Adjusted Gross Income (negative amount)  last time, just wanted to make sure it is correct.

Level 15
Jul 8, 2020 6:53:09 AM

This is still not clear. Did you actually calculate your NOL or are you only using your AGI?

 

The amount of your negative AGI is not necessarily your NOL.

Level 2
Jul 8, 2020 8:30:37 AM

2017 - had a bad debt (credit to a client) /business loss and entered as Other Expense on Sched C.  
2018 - negative AGI carryforwarded to Schedule 1 ,line 21 Other Income with attached Statement explaining it is NOL.  Now, I do not remember if amount was autofilled by TT  or I filled it.
2019 - trying to figure if TT Premier will auto-populate or I do?

Level 15
Jul 8, 2020 9:24:24 AM

@ybanag wrote:

2019 - trying to figure if TT Premier will auto-populate or I do?

You enter the NOL manually into TurboTax for the 2019 tax year.

 

TurboTax does not support the transfer of an NOL (or negative AGI from a previous year) from one tax year to the next.

 

Hopefully, you are entering the figure from the worksheet at the link posted in the message above.