Now that we have Form 172...Is it Calculating Correctly?

Forum|Forum|1 year ago
March 21, 2025
2 replies
9 views

I had a tax return today spit out Form 172 which I did not expect. I believe the amount on Line 3 of Form 172 was calculated incorrectly. The difference in my case was only $1 and if I was expecting the Form I never would have noticed it. I can't figure out how to attach a picture in the format requested so I am just suggesting you cross check Line 3 on Form 172 to Schedule D.

ProSeries Professional

M

Michelle7

Level 4

I am having any issue with getting proseries to calculate the 80% limit on the NOL carryforward which in turn makes the numbers on Form 172 incorrect.

M

msmith7305

Level 6

ProSeries does not support the 80% limit.

(In spite of multiple complaints from me and others)

The program will warn you of that.

F

Frustrated-in-ILAuthor

Level 8

I sort of thought for the price we pay we would get a full service tax program. Calculating the 80% limit is not some obscure tax code provision. The program does it for corporations, why not individuals? I feel like we pay for a Cadillac but get a Yugo.

M

Michael11_2

Level 3

I have noticed the NOL worksheet rounding differently than the Schedule D. Schedule D rounds each entry on the 1099-B (Cost and Basis) separately, whereas the NOL worksheet appears to net the transaction and then round the result.

If you only have one item on a 1099-B where the proceeds are $7.55 and the cost is $10.45, the Schedule D shows $8 - $10 for a loss of $2. The NOL worksheet appears to subtract $10.45 from $7.55 and round the resulting $2.90 for a loss of $3. The result is a NOL of $1.