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Question

turbo tax business desktop net operating loss does not get updated

Forum|Forum|1 year ago
April 26, 2024
2 replies
0 views

Hi

Is it a bug in turbo tax business desktop? the works sheet at the end of shows some NOL number but once hit continue on the page, the main page still shows 0. Is it a bug in the business desktop? What did I miss?

thanks

TurboTax Business Windows

blahblah_gcAuthor

I fixed it by removing the negative sign. Its a loss so I thought I should put -12345 etc . The tool should've told the user NOT to put the negative number .

what type of business? S-corps and partnerships do not have NOLs (except possibly for state purposes where there's a separate income tax at the entity level). for them, NOLs only exist at the individual taxpayer level.

blahblah_gcAuthor

C corp. turns out I just need to remove the '-' and leave a positive number there. Wish turbotax can provide more info to users.