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Question

Can I use My NOL This year?

Forum|Forum|3 years ago
April 2, 2023
1 reply
0 views

Last year I show -4,660 on line 11 on my 1040
Alternative Minimum Tax Worksheet Shows -5,453 on line 4
This years taxable income is 2,142
Sale of Business Property 7,525
Can I use the nol this year if so any idea how much?

TurboTax Self Employed Online

you need to calculate whether or not you had an NOL in 2021. Turbotax does not compute it. I would use form 1045 schedule A.

https://www.irs.gov/forms-pubs/about-form-1045

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oversimplified it's the excess of items business deductions (like schedule C) over business income reduced by the excess, IF ANY, of nonbusiness income over nonbusiness deductions.

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