Skip to main content
TurboTax
Community
TurboTax
Community
TurboTax
Community
C
CBeehner
December 5, 2023
Question

Business Loss Carry Forward

  • December 5, 2023
  • 1 reply
  • 0 views

My wife and I file jointly. In 2019 she incurred a business loss carry forward. If I have business income this year can I claim that carry forward amount?

    1 reply

    A
    Anonymous_
    Employee
    December 5, 2023

    You are almost certainly referring to an NOL (net operating loss) if the loss is from a business (such as a sole proprietorship).

     

    First, you should determine whether you even have an NOL.

     

    See https://www.irs.gov/publications/p536#en_US_2022_publink1000177329

     

     

     

    You then need to determine when you can use it.

     

    See https://www.irs.gov/publications/p536#en_US_2022_publink1000177352

      TurboTax Sign In Widget
      TurboTax flag icon

      Unlock tailored help options in your account

      Create an account
      TurboTax Expert Assist
      TurboTax Expert

      Get answers to all your tax questions

      Our experts are available on-demand, no appointment needed. Get help all year long with TurboTax Expert Assist.

      Terms & ConditionsAccessibility statement
      Intuit
      TurboTax Credit Karma QuickBooks MailChimp

      ©1997-2022 Intuit, Inc. All rights reserved.
      Intuit, QuickBooks, QB, TurboTax, ProConnect, and Mint are registered trademarks
      of Intuit Inc. Terms and conditions, features, support, pricing, and service options
      subject to change without notice.

      Security Certification of the TurboTax Online application has been performed by
      C-Level Security.

      By accessing and using this page you agree to the Terms of Use.

      Accessibility

      TRUSTe nResult Certified e-File C-Level Security Certification