Question

Why is TurboTax saying I must carry my NOL forward?

Forum|Forum|5 years ago
March 2, 2021
1 reply
0 views

Everywhere I look online says NOLs can be carried back up to 5 years. Also I already filed, so am I able to ammend my return to carry back the NOLs?

TurboTax Deluxe Online

KrisD15

The TurboTax program does not carry-back NOL.

You'll need to amend the previous year's return to claim that.

[Edited 03-02-2021 | 09:04 PM PST]

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U

UCcpgAuthor

"The CARES Act provides that NOLs incurred in 2018, 2019, and 2020 may be carried back to offset taxable income earned during the five-year period prior to the year in which the NOL was incurred."

Is the CARES Act old news? This is tax year 2020.

KrisD15

You are absolutely correct.

No, TurboTax does not support that.

You will need to amend and do that manually.

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Why is TurboTax saying I must carry my NOL forward?

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