I am preparing a tax return for a friend. She had a Net operating loss from a business back in 2003. The business is no longer active but I would like to deduct the carryover loss to 2017 return if possible. How do I calculate the loss I can apply in the 2017 return? The 2016 return showed a AGI of negative $90K and the loss was negative $105K. Thank you!
Yes, you may need to enter the amount of Net Operating Loss Carryover from the prior year. TurboTax will apply as much of the NOL as possible this year, then carry forward the remainder.
The easiest way to find this section of TurboTax is to open your return and use the Search box at the top right side of the TurboTax header. Click on the magnifying glass, type in "nol carryforward", hit Enter, and click on "jump to nol carryforward" to go directly to beginning of this topic.
Enter the NOL as a positive number (see screenshot below).