NOL Carryforward

Use the following steps to enter your NOL Carryover from last year in TurboTax Online:

• On the top row of the TurboTax online screen, click on Search (or for CD/downloaded TurboTax locate the search box in the upper right corner) 
• This opens a box where you can type in “NOL” (be sure to enter exactly as shown here) and click the magnifying glass (or for CD/downloaded TurboTax, click Find)
• The search results will give you an option to “Jump to NOL”
• Click on the blue “Jump to NOL” link and enter your information.

Note, if you did your taxes last year with TurboTax and generated an NOL carryover, then in many cases, TurboTax will carryover the NOL automatically to the next year. Check for this in case it appears that your NOL carryover is being double-entered in your 2023 tax return.

See IRS Publication 536 for more information about NOLs. 

TurboTax will determine your current year Net Operating Loss (NOL) and this amount will flow automatically to the Federal Carryover Worksheet. HOWEVER, THE PROGRAM DOES NOT SUPPORT THE CALCULATION OF NOL CARRYOVERS. THIS INCLUDES THE 80% LIMITATION PURSUANT TO THE TAX CUTS AND JOBS ACT.