Where is form IRC172(b)(3) in TT Business? TTB says look in Other Forms You May Need, and I can't find that. Online points to TTHome&Business, and I am using Business.

Forum|Forum|6 years ago
June 6, 2019
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I have a loss on my 1041 for TurboTax Business. I don't want to carry it back, so TTB tells me to look for the form in Other Forms You May Need. I have been looking around, and I can't find anything about Other Forms I May Need. An online search only brings up TT Home&Biz, which is not the program I have.

Does anyone know what to do for this?

TurboTax Business Windows

Best answer by jtax

Go into forms mode. (View menu/forms or the F2 key). Click "open form" and search for elections. Open the election summary. Line 6 is the 172(b)(3) election. Click on the input field and click on the spyglass. It will open the election form. There may be an easier way to get there, but this will work.

jtaxAnswer

Employee

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clintonliquor

Thank you! The " Election Summary" under the 1041 form listed worked. I clicked on Election Summary, the form came up and I selected the 172 (b) (3), this stops the carry back of NOL, and allows for the carry forward of the NOL. (net operating loss)

Anonymous_

Employee

" Does anyone know what to do for this?"

Follow the screenshots below, which require you to first enter Forms Mode.

alex-junkAuthor

TagTeam! I am so glad to hear from you. When I searched "help," your first two lines showed up. It was clear that you knew the answer! However, tear-hair-outingly, the screenshots were not included, and I could not expand your answer to see them. Thank you!