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    • Created with Sketch. In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
    Created with Sketch. In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
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    Does the converted contribution carryoverloss get transferred to the NOL WORKSHEET FOR THE FOLLOWING YEAR?

    judah-fogel
    Level 1
    ‎12-07-2019 10:55 AM
    THIS IS ON A PERSONAL INCOME TAX RETURN
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    sjrcpa
    Level 15
    ‎12-07-2019 10:56 AM

    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).


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    Accountant-Man
    Level 13
    ‎12-07-2019 10:55 AM
    Why would a charity carryover be included in the NOL?
    ** I'm still a champion... of the world! Even without The Lounge.
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    abctax55
    Level 15
    ‎12-07-2019 10:56 AM
    :joy:  Good pick-up:joy:
    "*******Tax software is no substitute for a professional tax preparer*******
    ( Generic Comment )"
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    Accountant-Man
    Level 13
    ‎12-07-2019 10:56 AM
    I am not so sure that "contribution carryoverloss" is charity.
    ** I'm still a champion... of the world! Even without The Lounge.
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    abctax55
    Level 15
    ‎12-07-2019 10:56 AM
    I'm not sure 'bout much of anything on the OP's question.
    "*******Tax software is no substitute for a professional tax preparer*******
    ( Generic Comment )"
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    sjrcpa
    Level 15
    ‎12-07-2019 10:56 AM

    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).


    Ex-AllStar
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    abctax55
    Level 15
    ‎12-07-2019 10:56 AM

    Converted from different software?

    "*******Tax software is no substitute for a professional tax preparer*******
    ( Generic Comment )"
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    George4Tacks
    Level 15
    ‎12-07-2019 10:56 AM

    I think this is one of the many reasons NOT TO proforma with the first release (or even the 3rd, 4th or even nth). 

    https://accountants-community.intuit.com/articles/1861729-converting-charitable-contribution-carryov... applies to corporation. 


    Here's wishing you many Happy Returns
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