Solved

How do I enter the NOL on my 2020 return? I have a NOL from 2019 that can be carried forward to 2020 (IRS revision for 2020).

Forum|Forum|5 years ago
March 20, 2021
2 replies
0 views

No text available

TurboTax Premier Online

Best answer by JamesG1

Revenue Procedure 2020-24 may be what you are addressing.

The additional statements that are required cannot be added to TurboTax for e-filing. You will need to mail them with the tax return.

ColeenD3

Please see this answer from BillM223.

Do a Search (upper right) and enter "net operating loss" (without the double quotes)
Click on the "jump to" result
Enter your NOL on the screen that appears.

Note, if you did your taxes last year with TurboTax and generated an NOL carryover, then in many cases, TurboTax will carryover the NOL automatically to the next year. Check for this in case it appears that your NOL carryover is being double-entered in your 2020 tax return.

M

mikeasmel

I am in 2020 Premier and typed in Net Operating Loss and also NOL and I cannot find a link to the Jump to NOL for me to enter the value. Can you be more specific as to where to find it please?

J

JotikaT2

Can you clarify what the net operating loss is from?

If it is from a self-employed business, you would need to use the TurboTax Home & Business software to enter your net operating losses.

Select the Business tab
Scroll down to the section titled Less Common Business Situations
Select Start to the right of the section titled Net Operating Loss/QBI Carryforward Loss
Proceed to enter the applicable information.

If it is related to something else, please comment so we can assist you.

@mikeasmel

**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"

M

Mike9241

did you make an election on the 2019 return to carry forward the NOL? otherwise, you are required to carry it back. if it's proper to report on 2020 return the NOL gets entered on the carryforward worksheet and that carries to line 7 of the other income worksheet where you enter an examination of the nol. finally that line on the worksheet carries to line 8 of schedule 1

B

bern256Author

Under tax revision of Mar 2020, you can elect to carry forward the leftover NOL form 2019 even though the carryforward election was not done on the 2019 return. You can input the NOL carry forward, but you still need to attach the election to the 2020 return for 2019. I can not find anywhere in TT where they can handle the election in the 2020 return. I spoke with a TT rep and they indicated that TT could not handle this situation.