Where do I put my NOL

RLKS
RLKS Member Posts: 1 Newcomer

I have a net operating loss from previous years. I do not see any place to enter it in my Freetaxusa tax return.

Answers

  • WrenD
    WrenD FreeTaxUSA Agent Posts: 22

    Hello RLKS,

    A Net Operating Loss (NOL) carryforward can be entered by going to Income > Other Income. On that "Did you have any of this other income?" screen, there is a section for NOL Carryforward.

  • caslca
    caslca Member Posts: 3 Newcomer

    Hi @WrenD

    In my understanding, my return should include a filled-out form 172 to report the NOL I have in 2024 and be able to carry it forward to next year(2025). However the UI does not mention that form, and I don't see a way to attach it. How should I go about including form 172 with my return? Is it not supported by FreeTaxUSA?

  • WrenD
    WrenD FreeTaxUSA Agent Posts: 22

    Hello,

    Just to clarify—Form 172 doesn’t affect your refund or balance due this year. It’s just used to calculate and keep track of a Net Operating Loss (NOL) that you might be able to use on a future return. Since our software doesn’t support Form 172 yet, you’ll need to print and mail your return if you want to include it. Just fill out the form separately and attach it to your mailed return.