How to utilize 100% of 2018 NOL on 2019 tax return?

Forum|Forum|6 years ago
July 14, 2020
1 reply
18 views

How do I utilize 100% of 2018 NOL on the 2019 1120 tax return since the CARES ACT repealed the TCJA limitation of 80%?

Thank you!

ProConnect Tax Online

This topic has been closed for replies.

Best answer by RossOInToIt

Hello Anthony1s!

Make sure to check the box for "Apply the Coronavirus Aid, Relief, and Economic Security (CARES) Act provisions".

This check box can be found under General > Miscellaneous Information> Miscellaneous > CARES Act

(or by searching for CARES in the search box)

R

RossOInToItAnswer

Level 5

Hello Anthony1s!

Make sure to check the box for "Apply the Coronavirus Aid, Relief, and Economic Security (CARES) Act provisions".

This check box can be found under General > Miscellaneous Information> Miscellaneous > CARES Act

(or by searching for CARES in the search box)

A

Anthony1sAuthor

Level 3

Thanks Ross! To anyone who created the return before Proconnect applied the CARES ACT change to the software, you may need to delete the NOL previously generated as refreshing forms does not update the NOL amount. Deductions > NOL > Regular NOL deduction > NOL Override (delete the amount Proconnect generated).

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