deniserevell3
Level 2
09-29-2024
03:14 PM
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How do I enter a carryover Schedule C first year net operating loss in the subsequent year? The client has no taxable income in the carryforward year so I don't think I need to calculate an 80% limitation but I think I still enter the NOL and QBI carryovers, don't I? She is an eligible small business for CA state purposes as well.
Thank you so much for your help.
sjrcpa
Level 15
09-29-2024
05:52 PM
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There is not a Schedule C NOL carryover.
The taxpayer may, or may not, have an NOL carryover. Look at last year's tax return or calculate yourself. A lot of things go into the calculation. Having a Schedule C loss in and of itself does not necessarily mean there is an NOL.
The more I know the more I don’t know.
George4Tacks
Level 15
09-30-2024
08:48 AM
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