Where do I put my NOL
I have a net operating loss from previous years. I do not see any place to enter it in my Freetaxusa tax return.
Answers
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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.
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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?
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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.
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Hi
I am a fire survivor from Lahaina Maui and I need to amend my 2023 freetax …. how and where do I enter this info? I listed it as a loss last year under itemized deductions which was wrong. AND NOW I need to enter it correctly so I GET THE PROPER write off for property sold in 23 and can carry over for property sold in 24.
I am both a tax idiot and computer idiot so please explain easy step by step … at the moment I have the tax year open to amend and showing personal, income, deduction etc headers above…
Thank you!
Casey
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Argh Net operating Loss non business loss for above…
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That's NOL is my complete loss due to complete fire damage of personal items etc? Maybe how to get the usable NOL number as well and how to carry over to 2024
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