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April 18, 2022
Question

NOL Carryover for 2020 Tax Returns (Amending)

  • April 18, 2022
  • 1 reply
  • 0 views

In 2019, I had a substantial loss due to selling a rental property... leading to a large negative income  (AGI Line 8b of 1040). Turbotax did not forward that information to Turbotax 2020 and I did not account for that in the 2020 return.

Can I use Turbotax to file an amendment and does Turbotax have the ability assist in calculating information needed for the Form 1045.   Not finding the IRS instuctions helpful.

    1 reply

    April 19, 2022

    You can use TurboTax to amend a 2020 tax return to add a net operating loss. However you’ll have to calculate and enter the amount yourself.

     

    TurboTax does not calculate a net operating loss, nor does it carry any amount forward (because that would require a calculation).

     

    How do I amend my 2020 return?

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