Help with Form 172 (NOL) on 2024 Individual Tax Return

[workhard2022]

Hello,

I’m looking for some guidance on Form 172 (NOL) while preparing a 2024 individual tax return for Taxpayer X.

X received a Schedule K-1 reflecting a $34,000 loss from an S corporation in which she holds a 50% ownership (it’s a bar). This loss caused her AGI to be negative on Form 1040.

Now, Form 172 (NOL) is appearing in the return, but I’ve never encountered this form before. I'm trying to confirm whether its presence is expected in this situation or if I may have made a mistake somewhere.

Any insights would be greatly appreciated. Thank you so much for your help!

[IRonMaN]

It's a new form this year.  Personally, I find that instructions for forms can be quite helpful.

[George4Tacks]

Also look at the General Information in Forms. It tells you what goes forward and/or backward form this.  Some of these figures will show up in next year's return as an adjustment to income to offset the expected huge increase from this investment.