Help with Form 172

shells727
shells727 Member Posts: 1 Newcomer
in Filing my taxes

I completed my taxes but have not filed yet because I have a NOL and I probably should do form 172 but there is no form 172 and I need help filling it out. So FreeTaxUSA does not do form 172?

Tagged:

Answers

  • caslca
    caslca Member Posts: 3 Newcomer

    I've the same situation. First year with a NOL which i will be carrying forward and confused why i don't see a form 172 in the prepared, ready to file packet. Is the 172 missing from freetaxusa?

  • KristineS
    KristineS FreeTaxUSA Agent Posts: 250

    Hi Shells727,

    FreeTaxUSA does not support the Form 172 calculation, Net Operating Losses (NOLs) for Individuals, Estates, and Trusts. Generally, if you have a 2024 NOL you must carry forward that loss. If you do need to carryforward your NOL, you'll want to keep your NOL amount in your records for your 2025 tax return.

    Net Operating Loss (NOL) carryforward is when you had a business loss during a year when your deductions were more than your income.

  • llewelynsidley
    llewelynsidley Member Posts: 1 Newcomer

    Yes, also the same situation. Am I understanding correctly that we cannot e-file if we need to add Form 172? And if we file by "mail-in," can I just add this form to a pdf version printed straight from freetaxusa and mail it in? And this NOL calculated amount doesn't exist as a amount any other place on our taxes, correct?

  • CoryF
    CoryF FreeTaxUSA Agent Posts: 200
    edited April 23

    Thank you for joining our community.

    That is correct. The Form 172 is not supported, currently, in our FreeTaxUSA software. The instructions to Form 172 do state "Attach a Form 172 for each NOL to your Form 1040 or Form 1041 if it applies" when applying the NOL carryforward to future tax years. You can still use FreeTaxUSA to mail-in your tax return as you just need to attach the Form 172 and it doesn't get included as a number except for the NOL calculated number that you have added to your Schedule 1 line 8a.

    You report the NOL amount by following this menu path:

    Income > Other Income

    Answer yes to the 6th question from the top to get the NOL box to appear. Generally, the AMT NOL is the same amount as the NOL calculated.

Categories