If I use the TurboTax Business Incorporated and my business has a loss, will it carry it over to the next year? I am late and going back and doing my 2017-2018, and we had a big loss that year. I am worried about making a mistake and suddenly owing money in 2018-2019 (as we are still at a net loss).
Hi, Thank you for using Intuit TurboTax AnsweXchange
Turbo Tax Business Inc. has a form: Schedule 4 Supplementary(S4Sup). The loss (non-capital loss) from the business in a year is tracked on S4Sup; this form will indicate the closing balance for the year and will carry forward to the next year. So, if a non capital loss occurred in 2018 and that file is used to carryforward to the next year; 2019. TurboTax will automatically apply the loss if there are gains, (profit) in the Year.
Capital losses appear directly on schedule 4 and non capital losses show on S4Sup. The closing balance and next year opening balances will show on S4Sup and/or S4. Check these forms to be sure the correct losses appear.
Hope this helps