Question

Business loss due to theft

Forum|Forum|2 years ago
February 28, 2024
1 reply
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I had a loss of $42,400 due to cash hacked from my account in 2022. On my 2022 Schedule 1, I was able to list it on Part 1 and attach Form 4684 with my TurboTax refund. I need to carryover the loss to my 2023 taxes. How can I do this? It looks like the IRS did away with the use of Schedule 1 for this purpose for 2023.

Thanks,

Kathleen

TurboTax Self Employed Online

PatriciaV

Employee

If the loss from Schedule 1 created a net operating loss (NOL) for the year, TurboTax should have carried the loss over to your current return. If not, you can enter the amount under Wages & Income >> Business Deductions & Credits >> Business Loss Carryovers.

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