TaxGuyBill
Level 15

@HOPE2 wrote:

Taxpayer does not want to use carryback at all since nothing income before 2019.


 

It does not matter if he WANTS to carry it back or not - it gets carried back.

Even if he chooses not to amend, you need to recalculate the NOL based on carrying it back for each year 2014, 2015, 2016, 2017 and 2018. It is likely it will be reduced, especially if there is ANY income in any of those years.

After you recalculate *IF* there is any NOL to carry forward, then it carries to 2020, then to 2021.

ProSeries does not keep track of which year a NOL is from, so you need to manually do that.  Yes, the carryforward amounts go on Line 14 of the carryover worksheet.  The usable NOL should show up as "other income".

 

 

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