Basic does not have Form 1045, so I assume that means it does NOT calculate the NOL.
If that is the case, you would need to manually calculate and enter it for it to carry forward (or use Professional on a Pay-Per-Return basis).
The 'default' is that a NOL is carried back 5 years. So if you want it to carry forward, you need to make the election to "Waive the Carryback".
Yes, it is an NOL whose source is Sch C. Yes, you have to do the 1045 manually in Basic, but since all NOLs except some businesses that have special rules, have to be carried forward 2019 on, where do I input it on the 2019 return so that it will pick it up for 2020?
" since all NOLs except some businesses that have special rules, have to be carried forward 2019 on, "
This is no longer true. As Bill said, they now go back 5 years unless you elect out. And you can elect out on the 2020 tax return.
since all NOLs except some businesses that have special rules, have to be carried forward 2019
No, the CARES Act changed that. NOLs are carried back 5 years unless you file the election to Waive the Carryback. [EDIT] Susan beat me to it again. 🙂
As for your actual question, I don't remember. The last time I had to deal with it I used a Post-It note in the client file. 🙂
Why does it say this in 2019 Basic when I pull up that election?
Filing Election 172(b)(3) In 2019 Smart Worksheet
Note: Beginning in 2018 this election only applies to certain farm losses and insurance companies
Check this box to make the election to forego the carryback period. I___I