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K
kbandy1
March 12, 2022
Question

NOL Carryover

  • March 12, 2022
  • 1 reply
  • 0 views

I have a new business from last year that took a loss. Do I do a NOL carryover the entire loss?

    1 reply

    M
    Mike9241
    March 12, 2022

    oops'    did you file an election to carryforward the NOL.  if not, you must carry back the NOL to the fifth prior year and then forward.

     

    K
    kbandy1Author
    March 12, 2022

    Just started the business in 2019 and took a loss in 2020.

    E
    ErnieS0
    March 14, 2022

    TurboTax does not calculate a net operating loss. You will have to do that yourself. 

     

    As Tax Champ @Mike9241, if you did not file a Section 172(b)(3) Election to Forego Carryback, you will have to amend your prior year returns first before claiming any net operating loss on your 2021 return.

     

    The CARES Act provided for a special 5-year carryback for taxable years beginning in 2018, 2019 and 2020. 

     

    Refer to IRS Publication 536 on how to compute your net loss.

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