critical diagnostic ref #53656

Forum|Forum|6 years ago
March 9, 2020
2 replies
19 views

How do you correct this ref #53656

Lacerte Tax

This topic has been closed for replies.

George4Tacks

Level 15

We do not have a reference guide for diagnostic codes. Give the text of the diagnostic and we might be able to help.

Answers are easy. Questions are hard!

M

MELLINGCPA

Level 2

NOL: The program doesn't automate the limitation of post-2017 net operating losses to 80% of taxable income, before taking into account any NOL deduction. You must override the amount of post 2017 NOL carry-forward absorbed this year to it does not exceed the 80% of taxable income limit.

There is no NOL prior to 2019

George4Tacks

Level 15

I believe you have acknowledged the accuracy of your data and you can therefore ignore the warning. https://proconnect.intuit.com/community/help-articles/help/lacerte-fatal-diagnostics/00/40468

Answers are easy. Questions are hard!

L

loki

Level 2

I have the same diagnostic, but this return (2020) DOES have prior year NOLs that have carried forward from 2018 and 2019. What is this instruction saying to do? Do I take 80% of current year taxable income and reduce the NOL being carried forward to that amount? What if this current year is also a loss? Instruction is fuzzy and I appreciate anyone who can provide clarity.

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