What version of Turbo Tax provides a place for me to drop in a Net Operating Loss (NOL) amount for carry forward business losses?

[Critter · Accepted solution]

You have the Self Employed version which allows everything you are asking about ... see it works for me ... 

[rtpj1904]

AMAZING. All I had to do was spell Carryforward and it worked. I and the two Turbo Tax reps that helped me, spelled it Carry Forward---and it did not work.
I surely appreciate your help Critter#2  !!!!!     🙂

[Critter]

The devil is in the details.

[dydeanne55]

I'm still trying to figure out if I can take NOL against wife's wages or just against my business income.

[Critter]

The NOL goes on the sch 1 line 21 which then goes to the form 1040 ... then it is netted against all other income.

[Critter]

While inside the software and working on your return, type nol carryforward in the Search at the top of the screen (you may see a magnifying glass there).  There will be a popup that says Jump to nol carryforward.  Select that link.

Here's more information on NOLs that may be helpful to you: IRS Pub 536 Net Operating Loss

[rtpj1904]

 This search was suggested to me by two turbo tax reps and it does not work on the  on line version I am using. I don’t mind changing to something that will work. Such as a download or a CD. I just need to get my taxes filed and I need to simply know what version of TurboTax actually offers a space to place NOL  Carry forward losses and allows me to be employed and self employed with a schedule C. Thank you

[iOne]

Can TT Business Desktop do this?

[Critter]

If you have a C-corp or Estate/Trust return then yes ... but a 1065 & 1120S are passthru situations and cannot have an NOL.

[Teta Sue]

This is so helpful.  Can a loss from a 1120 S K-1 from an S-Corp that closed down this year be carried forward into next year?

[Teta Sue]

Wait!  You just said that I can not carry through losses on a pass through situation.  Sorry!