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March 29, 2023
Question

How do i report a net operating loss of $3,000.00

  • March 29, 2023
  • 2 replies
  • 0 views
i reported it last year on schedule 1 line 8a

2 replies

March 29, 2023

To enter your net operating loss from last year in TurboTax Online:

  1. If you don’t see 2022 TAXES in the left pane, select the dropdown to the right of Income & Expenses on the Hi, let’s keep working on your taxes! page and then select Let’s get startedPick up where you left off, or Review/Edit. 
    • Otherwise, in the left pane, select the Federal dropdown, then Income & Expenses  (This is labelled Wages & Income in TurboTax Self-Employed)
  2. Scroll down and select the Show more dropdown to the right of Other Business Situations
  3. Select  Start or Revisit to the right of Net Operating Loss/QBI Carryforward Loss
  4. Continue through the ensuing pages, providing all information as appropriate.

IRS Publication 536 (2022), Net Operating Losses (NOLs) for Individuals, Estates, and Trusts provides worksheets, step by step examples and explanations of the adjustments to make to your net operating loss as you carry it from year to year.

March 30, 2023

are you sure it wasn't utilized in 2021? was AGI line 11 of 1040 negative in 2021?