bjscheel
Level 3
02-26-2024
01:57 PM
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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.
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