Question

Schedule C loss carryover

Forum|Forum|2 years ago
April 14, 2023
1 reply
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I show a Net loss on line 31 of my 2021 Schedule C. Can I carry this loss over to my 2022 Schedule C and if so, how?

TurboTax Home & Biz Windows

The loss on the bottom of your schedule C was used to offset your other income last year. So you can't carry it forward.

However, if the amount on line 15 of your 1040 is negative then that means that your loss was big enough to wipe out all of the income from 2021 and carry over into 2022. So check your 1040 and then you will enter that as an NOL (net operating loss) carryover from 2021.

If the amount on line 15 is positive then you used all of the loss from your schedule C last year.

@IR2021

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