Question

Can I use a past business loss without itemizing deductions?

Forum|Forum|5 years ago
February 21, 2021
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TurboTax Premier Online

Yes, carryover business losses are not tied to itemized deductions.

The Tax Cuts and Jobs Act (“TCJA”) has eliminated carrybacks for NOLs. Starting in 2018, an NOL may only be deducted against the current year’s taxes.

Moreover, the TCJA permits taxpayers to deduct NOLs only up to 80% of taxable income for the year. Any unused NOL amounts may be carried forward and deducted in any number of future years.

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