Prior Year Loss can be entered in various menus in the Taxx Savage program depending on their sources:
Entering a prior year NOL on Form 1040
- Go to the Main Menu of the Tax Return (Form 1040/Tax Return Summary)
- From that menu, go to the Federal Section
- Proceed to the Income section
- Then select Less Common Income
- Click on the Net Operating Loss from Prior Year(s)
Entering prior year unallowed loss on Schedule C
- Go to the Main Menu of the Tax Return
- From the menu, select the Federal Section
- Go to the Income Section
- Proceed to Profit or Loss from Business
- You can then go by either of the two options provided, that is: Choose to edit an existing Schedule C entry or create a new one.
- Select the option “Questions About the Operation of Your Business”
- In the space provided, key in the prior year unallowed loss
Entering a prior year unallowed loss on Schedule E
- Go to the Main Menu of the Tax Return
- From that menu, select Federal Section
- Go to the Income Section
- Select Supplemental Income and Loss
- Either choose to edit an existing Schedule E entry or create a new one.
- Then select Expenses
- In the space that will be provided, enter the prior year unallowed loss
Entering a prior year unallowed loss on Schedule F
- Go to the Main Menu of the Tax Return
- Proceed to the Federal Section
- Then go to the Income area
- From there, select Profit or Loss From Farming
- Either use an existing Schedule F entry or create a new entry.
- Select “Basic Information About Your Farm”
- In the space provided, enter the prior year unallowed loss.
