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NOL Year of Loss - Carryback - 2019 tax year not allowed

Level 2

Is there an explanation why Lacerte does not yet allow an entry for 2019 in the Year of Loss for a NOL Loss in the 1040 program?

Since Lacerte's 1045 does not easily account for adjustments to AGI in the NOL utilization calculation, we have errored on the side of carrying back the NOL by filing 1040Xs. However, the 2019 year of loss is not an allowed entry.

I would simply enter a year that works, but the current client I am working on has prior NOL carryforwards (i.e. 2014 and 2015) being utilized in the 2016 return. So entering 2015 as a year of loss messes up the required worksheets we know the IRS analyzes (i.e. AMT).

Will Lacerte be fixing this? CARES act happened in April. Its now November.

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1 Comment 1
Level 15

I would use the 1045 because IRS is supposed to process within 90 days. They set up a special fax line for it, too.

I don't know if Lacerte will update the software. You could do the worksheets by hand-sucky I know.