bjscheel
Level 3

Anybody working with the new Iowa 124 form?  I have a client who needs to manually limit the federal NOL to 80%.  When I do that, the IA124 line 1 is pulling the limited NOL.  Line 2 is the actual deduction which is the same number, leaving nothing for carryover to 2024 for Iowa. 

When I don't limit the federal NOL, it pulls the full amount to line 1, minus the deduction taken, and leaves some for the following year.  Which I think is correct, other than line 2 should be the limited amount.

0 Cheers