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This is the first year I am using ProConnect and I am having issues with a clients NOL carryovers.
I have a pre-2018 and post-2018 NOL carryforward to 2024. After accounting for the pre-2018 NOL deduction in the current year, I do have a positive AGI as a result of adjustments to my itemized deductions.
My itemized deductions is greater than my AGI. What I am having an issue with is my NOL carryforward that is being calculated by ProConnect is my post-2018 NOL as my "Prior Net Operating Loss", then my "current year net operating loss" is my excess business loss adjustment. The excess of the itemized deduction greater than the AGI amount is not being accounted for as a current year NOL.
Do I need to track this outside of ProConnect, or is there a way to trigger the NOL to be accounted for in the General Info schedule?
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"The excess of the itemized deduction greater than the AGI amount is not being accounted for as a current year NOL. "
And why should it be? Aren't the itemized deductions nonbusiness?
Only business losses create an NOL.
The more I know the more I don’t know.
