Someone has me overthinking and pondering so I was wondering how some of you all are handling your NOL carryovers when you use them. Do you override or do you change on the carryover worksheet and for your 80% of taxable income do you take from your Schedule C or F outcome or do you work from another worksheet in the tax return? And am I correct in thinking that prior to 18 carryforwards are still deductible at 100%? Any thoughts or help appreciated and hope you all are having a good tax year. Thanks.
Is anyone else having issues with old conversations showing more than new ones or am I doing something wrong?
Proseries doesn't handle the 80%. You do have to manually calculate and override if your client is subject to it. And yes, the older NOL's follow the older rules.
Preparing taxes is not my life, but my life is amazing because I prepare taxes.
Proseries doesn't handle the 80%. You do have to manually calculate and override if your client is subject to it. And yes, the older NOL's follow the older rules.
Preparing taxes is not my life, but my life is amazing because I prepare taxes.
My favorite method is to go to the carryover worksheet and enter the limited amount as the amount carrying into the current year and then adjust the amount carrying to the next year for the balance.
Preparing taxes is not my life, but my life is amazing because I prepare taxes.
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