Do I Need to Manually Enter Prior Year Net Operating Loss (NOL) on Next Year's Tax Return?

Wency
Wency Member Posts: 1 Newcomer
in General

Hi all,

I had a business loss in 2022 that resulted in a negative taxable income, which I believe qualifies as a Net Operating Loss (NOL) carryforward. Do I need to manually enter that NOL on the following year's return (e.g., 2023), or does FreeTaxUSA (or other tax software) automatically carry it forward?

Specifically:

Should I be entering it on Schedule 1, Line 8a for my 2022 Loss on my 2023 Tax Return.

Also since I have filed extesnion for my 2024 return, I should print out the new Form 172 and mail in my tax return, is this correct?

Thanks in Advance!

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