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- Net Operating Loss (NOL) from Federal not apply to California 540
Net Operating Loss (NOL) from Federal not apply to California 540
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AnhNgoc
Level 4
2 weeks ago
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Hi Pro Series Community,
I have a case with k1 income for 2024 $315,000 and loss carry over from 2023 $360,000.
With federal, it is ok, the client do not need to pay any tax but with California, the loss $360,000 from 2023 not apply so client still have to pay tax on the income $315,000.
I know California suspension of NOL deduction for 2024 through 2026 but just for income over $1 million.
Is there any way I can do in this case?
Best regards,
Trung Nguyen
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2 Comments 2
Just-Lisa-Now-
Level 15
a week ago
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I think you might have to complete the CA NOL form 3805V, it doesnt always transfer over from fed to state.
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
AnhNgoc
Level 4
a week ago
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Thank you Lisa! I will try that way.
