Now that Form 461 is effective it could cause a surprise if missed. Limitation on excess business losses of noncorporate taxpayers: The disallowance of excess business losses is now effective for tax years beginning after 2020 and before 2027. Please add this form to ProSeries Professional.
I bet I've search Form 461 a dozen times and finally yours came up in the last few weeks that wasn't from a year ago. I posted about this in February and reposted it again today but I think I'm "shadow banned" by Intuit.🙄 Even a representative couldn't find my post (she told me to repost it and again I can't search for it) and I can only find it by going through the email Intuit sent me to congratulate me for being a conversation starter. I've written a detailed explanation of the need for Form 461 and how to get the numbers into the rest of the return and how it does NOTHING with the limitation amount that needs to be carried over to the next year in the form of an NOL. Please give it a vote, so maybe it will start showing up. Good Luck.
Click on the link below and click the "eye" to go my post. This is ridiculous.
