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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- NOL carryforward to 2022 and NOL absorbed in 2021.
NOL carryforward to 2022 and NOL absorbed in 2021.
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cpaJA8
Level 2
04-11-2022
04:50 PM
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Critical diagnostic #53656. I understand that I need to override the NOL absorbed in 2021 but don't know what that needs to be. If I enter -1, then it creates taxable income of $1278. All these schedules and I still can't figure it out. I have conferenced with 3 other CPA's having the same issue. The data is below:
NOL Worksheet 1 line 24: <2,700>
Computation of nonbusiness income: 21,176. Deduction is the standard 28,400.
Computation of 2021 Taxable income for NOL Utilization: Taxable Income <12,555> + NOL carryover from 2020 and later years: 9,222 = 2021 Taxable income before NOL deduction <3,333>
Schedule 1 line 8a: Initial Loss 9,222. NOL carryover available in 2021: 9,222. Taxable income before NOL deduction: <3,333>. NOL absorbed this year: 0. Taxable income after NOL deduction: 0. NOL carryforward to 2022: 9,222
NOL Worksheet 3: NOL carryover to 2022: Worksheet 1 line 25: 2,700. excess business loss: 0. NOL carryover to next year: 2,700.
What is the NOL absorbed in 2021???
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