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In anticipation of the upcoming Exempt Org and Texas Franchise deadlines (5/15), we've compiled a list of the most common questions here.
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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- Limitation of NOL carryover used to 80% of taxable income - Form 1040
Limitation of NOL carryover used to 80% of taxable income - Form 1040
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YudaMan
Level 2
02-09-2022
06:44 PM
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2-9-22 - Lacerte says I have to manually override the post 2017 NOL carryover to 2021 so it is limited to 80% of taxable income without deducting the NOL. However, I can't find anyplace where I can do that. How can this be accomplished? Thanks.
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jschmerer
Level 2
02-10-2022
11:02 AM
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I ran into this diagnostic today as well. I’m so disappointed that Lacerte is not supporting yet ANOTHER important 2021 tax change.
I have a client that needs their return complete for financing and we can’t file because of this and the 7203. Where is our support Lacerte???
YudaMan
Level 2
02-10-2022
12:41 PM
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I have been using Lacerte since 1989 and am a fan. But this is the first year where I think they really messed up with implementing some important changes. This NOL issue is not new! At first there wasn't even a diagnostic indicating that they weren't dealing with this. Now there is a diagnostic with no way to implement it. So frustrating.
