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Can I calculate my NOL carryforward in TurboTax Home & Business? If so, how do I do it?

Forum|Forum|7 years ago
June 3, 2019
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get form 1045 from irs website. use schedule A. CAREFULLY read the instructions for this schedule and form

https://www.irs.gov/pub/irs-pdf/f1045.pdf

https://www.irs.gov/pub/irs-pdf/i1045.pdf

by the way have you already filed your return for the year the NOL occurred? if not, you can elect to carry forward the NOL or not if you do not make the election on a timely filed return, you must carry the NOL back to the second year prior to the NOL year recompute what's left in any and then carry that to the first prior year.

T

TaxGuyBill

Employee

No, TurboTax does not calculate NOLs. You would need to do that manually.

A

argo11

My question is: Why does TurboTax NOT calculate NOLs? That's the entire point of buying a tax program.

Anyone can go over to the irs.gov site and download the forms and instructions in order to file NOL-type returns. And since that is free, the program should also be free.

However, since TurboTax is a paid-for solution, it SHOULD ALSO provide a way to do these more intensive worksheets and forms. Actually, it should be Interview driven, just like the easier-to-complete basic 1040 form filing. This is disappointing from the point of a TurboTax user.

And since I have to complete several NOL-type returns, I now have to find another route to take IN ADDITION to my TurboTax program. I have returned to TurboTax after using it for many years in the 2000s. Then just outgrowing it for a bunch of years. I was hoping that these types of forms would be better handled by TT.

A message to Intuit: In order to improve your product, add more NOL, depreciation, capital gains/losses and amended return FEATURES to TurboTax.

K

Kay9

Employee

I absolutely agree that TT needs to handle NOL.

I'm dealing with that right now and will need to go to a tax accountant.

Also TT does not do a good job of handling Hawaii taxes and our rental condo is in HI, so a lot of the passive losses have to be done manually..

How do we get TT to take this input and make improvements??

A

Anonymous

Answer

get form 1045 from irs website. use schedule A. CAREFULLY read the instructions for this schedule and form

https://www.irs.gov/pub/irs-pdf/f1045.pdf

https://www.irs.gov/pub/irs-pdf/i1045.pdf

by the way have you already filed your return for the year the NOL occurred? if not, you can elect to carry forward the NOL or not if you do not make the election on a timely filed return, you must carry the NOL back to the second year prior to the NOL year recompute what's left in any and then carry that to the first prior year.