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Level 3
February 13, 2024
Question

NOL Carryfoward

  • February 13, 2024
  • 2 replies
  • 18 views

A taxpayer has a business and file a sch C. They got married and now filing MFJ. When I transfer to do MO 1040, it splits the NOL between both taxpayer and spouse. Am I missing something that should be marked just taxpayer? How do I get the Missouri to show taxpayer just gets the loss? Should I just over ride ? 

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    2 replies

    Just-Lisa-Now-
    Intuit Community Champion
    February 13, 2024

    Since its MFJ, does it matter?

    ♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
    Level 2
    February 13, 2024

    I am having a similar issue on the federal return.  This was my question:

    I have an existing tax client who married in 2023.  The new spouse has a significant NOL from prior years.  The NOL can only be used against the new spouses income.  However, the ProSeries program is applying the NOL to both spouses income.  How do I get the software program to only apply the NOL to the new spouse that incurred the NOL?