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Jessica Ly
Level 3
October 14, 2024
Question

How to enter NOL loss from previous years

  • October 14, 2024
  • 2 replies
  • 12 views
My new client had NOL carryforward from 2004 to 2022. He filed Schedule C for his business. Please advise how to enter his NOL loss before 2018 and after 2018 in Proseries.Thank you!
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2 replies

sjrcpa
sjrcpa
Level 15
October 14, 2024

First make sure there really are NOLs.

Having a Schedule C loss does not equal NOL.

The more I know the more I don’t know.
    Just-Lisa-Now-
    Just-Lisa-Now-Intuit Community Champion
    Intuit Community Champion
    October 14, 2024

    The Federal Carryover Worksheet lets you input prior year NOLs.  But you have to manually account for the 80% of taxable income limit for NOLs after 2018 (or was it 2017?  I cant remember)

    ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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