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Question

On my 2023 1040 I had a nol with resulted in a negative taxable income. On the carryforward worksheet to 2024, does turbo tax correctly calculate the nol carryforward?

Forum|Forum|1 year ago
January 11, 2025
2 replies
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Did you use TurboTax last year and then have it bring forward the information from your last years return? If so, then yes, it should correctly calculate the NOL carryforward. However, it is always a good idea to double check your numbers from last years form to this years form.

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Unless something has changed in the last few years, TurboTax does not do anything automatically with NOLs. It does not calculate them or automatically carry them forward.