If I use the TurboTax Business Incorporated and my business has a loss, will it carry it over to the next year?

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).

Answer

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

Was this answer helpful? Yes No
Default user avatars original
Moderator

No answers have been posted

More Actions

People come to TurboTax AnswerXchange for help and answers—we want to let them know that we're here to listen and share our knowledge. We do that with the style and format of our responses. Here are five guidelines:

  1. Keep it conversational. When answering questions, write like you speak. Imagine you're explaining something to a trusted friend, using simple, everyday language. Avoid jargon and technical terms when possible. When no other word will do, explain technical terms in plain English.
  2. Be clear and state the answer right up front. Ask yourself what specific information the person really needs and then provide it. Stick to the topic and avoid unnecessary details. Break information down into a numbered or bulleted list and highlight the most important details in bold.
  3. Be concise. Aim for no more than two short sentences in a paragraph, and try to keep paragraphs to two lines. A wall of text can look intimidating and many won't read it, so break it up. It's okay to link to other resources for more details, but avoid giving answers that contain little more than a link.
  4. Be a good listener. When people post very general questions, take a second to try to understand what they're really looking for. Then, provide a response that guides them to the best possible outcome.
  5. Be encouraging and positive. Look for ways to eliminate uncertainty by anticipating people's concerns. Make it apparent that we really like helping them achieve positive outcomes.

Select a file to attach:

Do you still have a question?

Ask your question to the community. Most questions get a response in about a day.

Post your question to the community