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Bphayward
Level 2
January 19, 2023
New

Please add form 461 for Limitation on business losses under the 1040

Related products:ProSeries
  • January 19, 2023
  • 2 replies
  • 9 views

The 1040 software requires a manual calculation of the Excess Business Loss, please add form 461.

This could result in a substantial error on the tax return if not supported.

    This topic has been closed for replies.

    2 replies

    M
    msmith7305
    Level 6
    January 20, 2023

    I have begged for this and gotten no response from ProSeries support.

    Also, the NOL carryover worksheet is not set up to keep the NOL years separate. All years are combined so you have to manually figure out how much is allowed under current law if you have any pre 2018 NOL carryover.

    So much for the "Pro" in ProSeries.

      I
      IOpine
      Level 3
      December 8, 2024

      It is my understanding that the return cannot be filed electronically if the 461 is required. Correct?

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