I had an adjusted gross income of NEGATIVE $3,759. last year. Is this a net operating loss that I can use now or next year?

Forum|Forum|7 years ago
June 1, 2019
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TurboTax Self Employed Online

Best answer by Bees

Pretty slim info but here is one Turbotax explanation on how you enter NOL. https://ttlc.intuit.com/questions/2810405-where-is-nol-reported

T

TaxGuyBill

Employee

Did you make the election to "waive the carryback" last year?

Does "last year" mean your 2014 or 2015 tax return?

If it was 2014 and you did NOT make the election to "waive the carryback", the only thing you can do now is to amend your 2012 tax return to use the Net Operating Loss.

D

donchristiansenAuthor

Employee

Thanks Bill! It turns out I did waive the carryback for 2014.

B

BeesAnswer

Employee

Pretty slim info but here is one Turbotax explanation on how you enter NOL. https://ttlc.intuit.com/questions/2810405-where-is-nol-reported

Disclaimer: Not a tax professional. Information gathered from internet links. Anything dated in June 2019 was posted in prior years and is before the 2019 limits and changes.

T

TaxGuyBill

Employee

Great. Then you will enter the NOL on your 2015 return. Do you know what the NOL amount actually is (I don't think TurboTax is very helpful with NOLs)?
<a rel="nofollow" target="_blank" href="https://www.irs.gov/publications/p536/ar02.html#en_US_2015_publink1000177329">https://www.irs.gov/publications/p536/ar02.html#en_US_2015_publink1000177329</a>
<a rel="nofollow" target="_blank" href="https://www.irs.gov/pub/irs-pdf/f1045.pdf#page=3">https://www.irs.gov/pub/irs-pdf/f1045.pdf#page=3</a>

The link that bees gave you probably tells how to enter it. It will show up as a negative number on Line 21 of your 1040.