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Bill_Israel
April 18, 2022
Question

NOL Carryforward for form 1120 (C corp)

  • April 18, 2022
  • 1 reply
  • 0 views

I have a C corp that had a loss in 2020 and in 2021 regained profitability. How do I use the NOL from 2020 in turbotax in doing my 2021 1120 return?

1 reply

PatriciaV
PatriciaV
Employee
April 18, 2022

Yes, when you enter the NOL carryover information from 2020, this loss will be reported on Form 1120 Line 29a. This amount will be included with other special deductions that reduce the taxable income, for the total shown on Line 30.

 

Net Operating Loss carryover (NOL) is entered under Federal Taxes >> Deductions >> Business Expenses.

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