Schedule C NOL Carryforward

Forum|Forum|3 years ago
April 2, 2023
3 replies
39 views

My client has a large Schedule C NOL and I would like to carryfoward the amount that ProSeries has calculated as allowable but it does not appear that it is flowing to the correct place on the tax return and it continues to show the full NOL as the Schedule C income. I cannot figure out what I am doing wrong. Does anyone have any advice?

ProSeries Basic

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Best answer by abctax55

Does PS not have a worksheet or 'general info' page showing the carryforwards?

The NOL doesn't impact/change the current year info, so you won't see it there.

abctax55

Level 15

There no such thing as a "Sch C NOL". A NOL is based on all the income on the return, adjusted for various things.

NMI

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Accountant-Man

Level 13

Look at NOL worksheet. Is there one?

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T

TaxGuyBill

Level 15

A Schedule C "loss" is different than a NOL (which sort-of means the net income on the entire 1040 ends up with negative income).

If there is other income on the tax return, a Schedule C loss is generally allowed to offset the other income on the tax return. It does not get carried forward to next year.

Does that help you? If not, can you give more details and explain what you mean?

A

AMKAuthor

Level 2

There is a NOL Carryforward amount. I have completed the NOL worksheet and know the amount that should be carried forward. I am not sure the tax software is carrying forward that loss because I cannot see where it has changed the 1040 to reflect the amount that is being carried forward. I am not sure within the software if i am missing something that I should be doing to make sure that it will be carried forward and additionally how that will be reflected on the 1040.

abctax55Answer

Level 15

Does PS not have a worksheet or 'general info' page showing the carryforwards?

The NOL doesn't impact/change the current year info, so you won't see it there.

HumanKind... Be Both

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