Net operating loss (NOL) carryover

Forum|Forum|3 years ago
January 20, 2023
3 replies
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I've used Turbotax Deluxe for many years and am using it for my 2022 return. Here's my question:

If I have a large loss on line 8 (1040SR) which causes the AGI, line 11, to be negative, will Turbotax automatically carry forward the 2022 negative AGI as a NOL (Schedule 1 line 8a) on my 2023 return (assuming schedule 1 doesn't change and using Turbotax Deluxe for 2023)??

If not, is there a way to manually enter the 2022 negative AGI as a NOL on the 2023 return??

Thanks, Nick

Best answer by Anonymous_

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Anonymous_Answer

Employee

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nmdudeAuthor

Thanks for the quick reply. I looked for the Turbotax entry you displayed in your reply and I can't find it in Turbotax Deluxe. So how will I be able to claim this NOL carryover in 2023?? Do I need a different version of Turbotax??

Thanks, Nick

Anonymous_

Employee

Mike9241

to calculate use schedule A of form 1045. read the instructions because business income and losses get entered on certain lines while nonbusiness income and deductions get entered on other lines. the short version. your NOL is the excess of business losses over business income reduced by the excess, if any, of nonbusiness income over nonbusiness deductions.

https://www.irs.gov/site-index-search?search=1045&field_pup_historical_1=1&field_pup_historical=1

ErnieS0

TurboTax Deluxe online does have a place for a net operating loss carryforward.

To enter your 2021 NOL carryforward:

Type net operating loss in Search
Select Jump to net operating loss

As Champs @Anonymous_ and @Mike9241 say, TurboTax does not calculate a NOL carryforward, so you will have to use Schedule A of Form 1045 to figure your carryforward each year.

@nmdude

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nmdudeAuthor

Thanks for the feedback. I'm using Turbotax CD (not online) but I did a search for "net operating loss" as you suggested and the CD version worked just as you described and I was able to manually enter a NOL value and explanation. So thanks a lot. I will definitely make a note of this process.

Thanks, Nick

mpholland

I am using TurboTax Deluxe download edition for my 2022 taxes. I cannot access the page that Ernie SO referenced when typing in Net Operating Loss in the search ("Mm, sorry., this is outside my expertise.) I have a NOL carryover (individual) that I need to enter on Line 8A of Schedule 1. It won't let me enter it manually. Do I need a different version of TurboTax to be able to do this?

mpholland

Success! TurboTax Deluxe - Wages & Income - Business Items - Business Deductions and Credits - Net Operating Loss. Put in your NOL and AMT NOL from the previous tax return (enter as a positive number) and it will go directly to Line 8a in Schedule 1 of the 2022 tax year.