msmith7305
Level 7

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?