NOL Carryforward worksheet or statement

Forum|Forum|6 years ago
February 19, 2020
4 replies
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I have NOL carryforward since 2013 that need to report in my 2019 return as a NOL carryforward worksheet or statement. I did everything Turbo Tax walked me thru and when I sent the return to the IRS, it got rejected the first time on 2/17. I am told that Turbo Tax fixed the problem already this AM 2/19. I resent the return and got rejected again. I know that problem is that I must prepared this NOL carryforward worksheet and attach to my return. However, I don't know how to do this and I could not locate a form for it in Turbo Tax. Could someone familiar with Turbo Tax help me out. I got rejected 2 times from the IRS already. This is my first time using Turbo Tax Premier.

mglauner

Type 'nol' in the Search area, then click on 'Jump to nol'.

You should be able to enter your Net Operating Loss carryover amounts without issue (screenshot).

Check your Federal Carryover Worksheet from your 2018 return for the amount.

CP06Author

MarilynG1,

I am grateful for your assistance. I did exactly what your screen shot showed. However, this information is the total amount and this amount need to be linked to a 1040 worksheet called"NOL worksheet" whereas I need to show the Pre-2018 and Post-2018 NOL carryover information and AMT NOL carryover information by year. There is no link to this worksheet so my 2019 carryforward information shows as zero in my 1040 return. The error message I got from the IRS when it rejected my return is: "F1040-133 if an [other income type statement] present in the return, other income litcd has the value "NOL", then [NOL carry forward deduction statement must be attached to the corresponding "other Income type stmt". It is this statement that I must prepare and attach to the return that I am looking to fill the information in. Could you help me locating this statement. I appreciate the assistance. CP06.

phil106

This appears to be similar to my situation in that I had a NOL in 2018 hat left me with carryover for 2019. The issue is that TurboTax does not calculate the NOL therefore the worksheet does not exist in TurboTax. While you can enter the NOL into TurboTax as was answered you will have to fill out the worksheet (from IRS Pub 536) manually and to be able to attach it to your return you will have to file your return manually. In addition because TurboTax does not handle the NOL it is not aware of the 80% rule that was part of the 2017 Tax Act (the maximum carryforward you can apply to your return is 80% of you income)

CP06Author

Phil106,

This is exactly what I need to move forward with this matter. I am grateful for your assistance. CP06.

KarenM90

To enter your 2018 NOL into TurboTax, type NOL in the search bar at the top right of your screen. Then choose the "Jump To" Link.

It will take you to the screen below to enter that information

@5Wilgm

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lizzygee

I have a similar issue. I thought the NOL was the AGI, but its not.

I cannot figure out the NOL. When I go back and put in a zero, the Smart Check - Fix Errors won't let me put in Zero, and move forward without selecting something from the dropdown lists.

I do not have an answer for those dropdown lists.

I went back to the Business NOL and it doesn't allow for delete either.

HopeS

Assuming you don't have NOL or General Business Credit Carryforward, then follow the steps below to delete these carryforward schedules from your return:

Before deleting, review your 2021 tax return to confirm that you did not have either NOLs or General Business Credit (GBC) Carryforward. The GBC would have been reported on Form 3800.

Click on the Tools Center,