onestop73
Level 3
04-17-2021
03:57 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Hello All,
Need some pointers, have a client who like other businesses, has losses NOL (schedule C) this year 2020; however, wants all of it reserved (carryforward) to next year 2021. System is using it all to adjust his other income (1099-R pension); however, need to stop it from applying it this year. Is there a way to carry it forward to next year instead of this year?
Thank you,
Is it May 17, yet?
Labels
sjrcpa
Level 15
04-17-2021
04:00 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
A net Operating loss does no arise just because you have a business loss on the 1040.
There should be an NOL computation worksheet.
The software is correct. There is no NOL to elect to carryforward.
The more I know the more I don’t know.
onestop73
Level 3
04-17-2021
04:35 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Thank you, appreciate the response.
sjrcpa
Level 15
04-17-2021
04:55 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
You're welcome.
The more I know the more I don’t know.
