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Level 2
February 6, 2023
Question

NOL Worksheet for Individual Returns

  • February 6, 2023
  • 2 replies
  • 31 views

Is Proseries going to develop and add a NOL worksheet for individual returns to calculate and track NOL's?  There is no way to separate pre-2021 and post-2021 NOL's and the 80% limitation has to be manually calculated.  If the corporate returns can correctly calculate and track NOL's, why can't the same worksheet be developed for individual returns?

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2 replies

Level 8
February 7, 2023

I print a copy of the NOL worksheet and carryover worksheet each year and keep it in client's file.

HPMCPAsAuthor
Level 2
February 7, 2023

Our firm keeps the NOL worksheets also.  But this doesn't calculate the new 80% taxable income limitation rule regarding NOL's.  Proseries individual software does not limit the deduction for NOL's subject to the new rule.

Level 6
February 7, 2023

As you suggest, there is no reason that can't be done.

The problem is getting them to do it.