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net operating loss carryover

deniserevell3
Level 2

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.

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2 Comments 2
sjrcpa
Level 15

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.


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George4Tacks
Level 15