Does the converted contribution carryoverloss get transferred to the NOL WORKSHEET FOR THE FOLLOWING YEAR?

Forum|Forum|6 years ago
December 7, 2019
7 replies
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THIS IS ON A PERSONAL INCOME TAX RETURN

Lacerte Tax

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Best answer by sjrcpa

There is some provision about charitable contribution carryovers being converted/added to NOL carryovers. I would have to look it up. Since Lacerte got its act together 15 or 20 years ago re NOL computations I trust what it does now (with verification).

Accountant-Man

Level 13

Why would a charity carryover be included in the NOL?

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abctax55

Level 15

Good pick-up

HumanKind... Be Both

Accountant-Man

Level 13

I am not so sure that "contribution carryoverloss" is charity.

** I'm still a champion... of the world! Even without The Lounge.

abctax55

Level 15

I'm not sure 'bout much of anything on the OP's question.

HumanKind... Be Both

sjrcpaAnswer

Level 15

There is some provision about charitable contribution carryovers being converted/added to NOL carryovers. I would have to look it up. Since Lacerte got its act together 15 or 20 years ago re NOL computations I trust what it does now (with verification).

The more I know the more I don’t know.

abctax55

Level 15

Converted from different software?

HumanKind... Be Both