I have casualty and theft losses from my K-1 flowing through to my personal Schedule A line 16. This is greater than my AGI so I expect it to generate a NOL that I can carry forward to following years.

    I am using TurboTax Premier desktop to prepare my returns. I've read posts online that it automatically tracks it, but how do I validate that it is establishing the NOL correctly? I do not see any NOL worksheets in Forms Mode.

    It seems a new Form 172 is used to determine the NOL. The instructions only say to attach it under the "Deducting a Carryforward" section. In either case, Turbotax does not support form 172, so not sure if I must 1) mail my entire return in with form 172 this year, 2) e-file to get my refund faster and then amend with 1040-X + Form 172, 3) or just file without form 172 and keep the calculations for my records and for use in Schedule 1 line 8a next year.

    How to handle Schedule A line 16 Casualty / Theft Loss NOL?
    byu/SoftFly5653 intax



    Posted by SoftFly5653

    Leave A Reply