Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- Lacerte Tax
- :
- Lacerte Tax Discussions
- :
- NOL C/B due to Cares Act
NOL C/B due to Cares Act
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
JoanChanning
Level 2
10-11-2021
04:10 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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.
Labels
This discussion has been locked.
No new contributions can be made. You may start a new discussion
here
1 Comment 1
sjrcpa
Level 15
10-11-2021
04:59 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
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.
