Net Operating Loss Carryforward

Why does Turbo Tax ask if you have a NOL carryover from 2009 when after reading publication 536 regarding Net Operating Losses you have to file a form 1045 that does not even come with Turbo Tax? My 2009 tax return had a large negative amount on line 41 of the return which from what I understand constitutes a NOL? Do I need to fill out schedule A worksheet, or schedule B worksheet to figure out what to put on my form 1045?  Any one have any answers as this is so confusing?  Appreciate any help.
    Dear Petunia9,
    Tax Kern has been feeding you a line of ballyhooo.

    INTUIT has unfortunately gotten so big it no longer KNOWS what it is doing and the TURBO TAX for BUSINESS product managers are not being held responsible for idiocy. TaxKern's comment is not on point even though she/he seems to think that he/she is a TurboTax PRO!

    The REGULAR Personal TURBO TAX does have an IRC 173 election programmed in and you get the question automatically.

    The afore mentioned TURBO TAX BUSINESS product manager, seems to be asleep at the wheel and has neglected to include it in the TT for BUSINESS program.  I keep going back to this "Live Community", but the experts all seem to know only the TT-Personal or TT-Home and Business programs.  They are giving misleading information when they say that there is such a form in TT BUSINESS edition.  I really love INTUIT, so I keep looking for my mistake, but I have not found it yet.

    FOR FORM 1041, (Estates and Trusts) you will just have to write your own declaration which says something like this, (copied from TT Personal)

    IRC 173 (b) (3) ELECTION

    The filer ( add EIN or SSN here)  elects to not carry the NOL from the filing year back to any previous years.  The filer elects to carry the NOL forward only.

    I just wish folks like TaxKern would get with the program and make sure she/he is making comments about TT BUSINESS and not just the junior verson for amateurs TT-Home and Business (which does not handle Estates and Trusts.
    • I appreciate everyone who has tried to help.  I ended up asking a friend who is a tax professional for their input.    In 2009 TT had the 172 election form with it and I had filled out one of those to carry my NOL forward.  TT for 2010 did not automatically carry forward any of my NOL information automatically ( I have the Home & Business version). So I read the IRS publication and filled out a Schedule A-NOL form and followed the directions in the IRS publication 536 to calculate what portion of my NOL from 2009 I could deduct. I then entered this amount where TT asked if I had any NOL carryforward from 2009 and it placed it on my return.   There is probably going to be alot of people out there who may or may not end up doing this correctly.  Lets hope I am one that falls into the correct category.  All I can say is good luck to anyone who has to do this.
    • The same thing happened to me as well. TT did not automatically carry forward the NOL from my 2009 1040 to my 2010 1040.  I plan to do the same as you and submit Schedule A as with my 1040.  I have a 0 AMT in 2009, does that meant I do not have a AMT NOL
    • Same problem here.
      It would be nice if somebody from TT gives us a better answer for it.
    • Shoboken,
      Sounds like you just broke even and don't have any NOL to carry over. But, I would ask a Tax professional.
      I am having the same problem as everyone else and will be downloading Schedule A and Pub 536 to figure out how much to put for the NOL in TT 2010 Home and business where asked under the Business section.
    • Well, good luck even figuring out how much to figure from the instructions from IRS, worksheets, etc.  Your NOL mysteriously turns into a Nonrecaptured Section 1231 Loss.  It seemed to work okay in TT for the first couple of years and then went off the deep end after that.

      My TT from 1231 loss (which is somehow tied to NOL--I have no idea why) in 2008 said I had $28,000 carry forward but only actually used an amount of slightly over $4,000 on the worksheets for 2008 and 2009 when I checked my previous numbers from my printed records.  Mysterious changes.  Now I have no idea how to amend, what figures to use, how to figure them, where to put them, which returns TO amend.   On and on it goes.  TurboTax is absolutely ZERO HELP.

      Oh, the the form 1045 is a horse of an entirely different color.  Read everything carefully, as you can only use it within a limited timeframe.  I am still waiting for an answer from someone.
    You use the Form 1045 in the year you have the NOL to carry the NOL back to prior years.  You can only carry an NOL forward IF you made the election when you filed your tax return.  You should have gotten an alert about the NOL if you did your tax with TurboTax last year.  A large negative on line 41 of your 2009 1040 does not necessarily mean that you have an NOL.
    • I did fill out the form 172 to elect to revoke carrying back the NOL.  So it sounds like from what I have been reading I can carry forward for this year.  If so do I fill out the schedule A worksheet ( which the first line of that states to take the amount from line 41 of the tax return to figure out what is your actual NOL ) for the NOL to see what my NOL amount I can deduct is?  And from that do I fill out and file form 1045? And is the final result from these 2 forms the amount I put into Turbo Tax where it asks if I have any NOL carryforward?
    • You do NOT use the 1045. IF you have an NOL and made the election to carry the loss forward AND pulled your information from TurboTax forward from 2009, then you NOL will show up on line 21 of your 1040 as a negative number.
    • I find this very confusing as well.  If I had a net operating loss in 2009, why wouldn't I elect to carryforward to 2010?  TurboTax didn't pull it forward on its own, so i assume i cannot carryforward my net operating loss but i don't understand why.  is there circumstances for why you cannot carryforward?  what's the criteria for electing to do so?
    • If you do not make the election to carry the NOL forward (giving up the carry back option), then you must carry the loss back to prior years.  File a form 1045 if filed soon after filing your tax return and file a 1040 X if you do not file the 1045.
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