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Level 3
April 4, 2024
Question

NOL Carryforward

  • April 4, 2024
  • 1 reply
  • 2 views

I understand the premise of the NOL Carryforward not being automatically calculated in the NOL screen; however, I don't understand why if the taxable income is $0 (and I can't use any of the carryforward in 2023) I can't enter $0 and the program accept it. Please help. I asked the same question last year and no one was able to answer.

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    1 reply

    sjrcpa
    Level 15
    April 5, 2024

    In Lacerte and ProConnect, you use -1 to indicate -0-.

    And just because taxable income is zero does not mean none of the NOL is used up. You have to do the calculations.

    The more I know the more I don’t know.