Form 1045 - Schedule A-NOL (Current Year NOL) (CARRYFORWARD)
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If your NOL is more than your taxable income for the year to which you carry it (figured before deducting the NOL), you may have an NOL carryover. You must make certain modifications to your taxable income to determine how much NOL you will use up in that year and how much you can carry over to the next tax year. Your carryover is the excess of your NOL deduction over your modified taxable income for the carryback or carryforward year. If your NOL deduction includes more than one NOL, apply the NOLs against your modified taxable income in the same order in which you incurred them, starting with the earliest.
NOTE Your taxable income as modified cannot be less than zero.
If your return generates a Net Operating Loss (NOL) for the current year, the TaxAct program will display a Green Alert titled “Explanation: Net Operating Loss.” This alert indicates that an NOL has been calculated and requires review.
You may review, modify, or print the NOL schedules and forms within TaxAct using the instructions below. In some cases, you will be required to attach a statement about the NOL.
Form 1045 or Form 172
Online
Dashboard
From within your TaxAct return, click Resources.
On smaller devices, click the menu at the top left corner of your screen, then make your selection.
Under My Return, click Federal Search.
Click the Miscellaneous Topics drop-down, then click Net Operating Loss (NOL).
Complete the rest of the interview process.
Classic
From within your TaxAct return, click Federal.
On smaller devices, click the menu at the top left corner of your screen, then make your selection.
Click the Miscellaneous Topics drop-down, then click Net Operating Loss (NOL).
Complete the rest of the interview process.
Desktop
From within your TaxAct return, click Federal.
Click the Miscellaneous Topics drop-down, then click Net Operating Loss (NOL).
Complete the rest of the interview process.
NOL Carryover
Online
Dashboard
From within your TaxAct return, click Income.
On smaller devices, click the menu at the top left corner of your screen, then make your selection.
Click the Business & Self Employed drop-down.
Click Add beside Net Operating Loss (NOL).
Complete the rest of the interview process.
Classic
From within your TaxAct return, click Federal.
On smaller devices, click the menu at the top left corner of your screen, then make your selection.
Click the Other Income drop-down, then click Net Operating Loss (NOL) Carryforward.
Complete the rest of the interview process.
Desktop
From within your TaxAct return, click Federal.
Click the Other Income drop-down, then click Net Operating Loss (NOL) Carryforward.