Sooo.....on the new NOL 80% deal

Forum|Forum|6 years ago
December 7, 2019
2 replies
29 views

How do we keep track of the NOLS prior to 2018 vs those 2018 and forward? And do we get to use up the prior ones that reduce 100% of taxable income first?

I'm sure PS isn't going to be much help in keeping track of this, is it?

I'm really not that well versed in NOL's, barely a handful of my clients have them, so please don't tell me to send them to another preparer that knows what they're doing...I gotta learn sometime!

ProSeries Professional

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Best answer by TaxMonkey

I just made a spreadsheet to track them, and yes NOLs are used oldest first. I have been sort of familiar with tracking NOLS, because the California NOL rules have been different from Federal and different from year to year for a while.

T

TaxMonkeyAnswer

Level 7

I just made a spreadsheet to track them, and yes NOLs are used oldest first. I have been sort of familiar with tracking NOLS, because the California NOL rules have been different from Federal and different from year to year for a while.

Just-Lisa-Now-

Author

Intuit Community Champion

thank you!

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

M

msmith7305

Level 6

Dragging this issue up again since it is important for 2021 returns.

As far as I can see PS does not have anything set up to help us with the application of NOLs that are for multiple years. Heck, as far as that goes, I see nothing in the program whatsoever that deals with the 80% taxable income limitation for post 2017 NOL carryovers.

On the Carryover Worksheet the NOL Carryover that goes to Schedule 1 Line 8a is just the grand total of all NOLs carried over from prior years and applies 100% to the tax return no matter the year of the NOL and ignores any 80% limit that might apply.

How is everyone handling this?