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- NOL C/B due to Cares Act
NOL C/B due to Cares Act
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JoanChanning
Level 2
10-11-2021
04:10 PM
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Client has NOLs from 2018, 2019 & 2020.
We are planning to NOT WAIVE the carryback because they have income in 2013 - 2017 and could use the NOLs. They will not have taxable income in the future do to high medical expenses.
However it appears to us that although we have NOT made the Election to Waive the C/B, the Lacerte program is still pushing the NOL forward into next year.
This is looks confusing & makes it appear like we do want to carry the NOLs forward.
Should we delete the figures from the column titled "Carryover Available in 2020" on the NOL screen?
Thanks.
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1 Comment 1
sjrcpa
Level 15
10-11-2021
04:59 PM
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Should we delete the figures from the column titled "Carryover Available in 2020" on the NOL screen?
You could delete, but then you might forget about them. I just leave them and make a file note to carry back.
The more I know, the more I don't know.
