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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.
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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- Re: 2020 Net Operating Loss (CARES Act)
2020 Net Operating Loss (CARES Act)
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tax_investment_
Level 2
03-27-2021
02:55 PM
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Hi All,
This one is making me a bit nuts since it should be simple.
2020 1040 has 300k NOL (both regular and AMT).
We want to prepare and Amended 2015 tax return as part of 1045 package. This helps create an "after" the NOL 2015 1040.
In 2015 Lacerte, Screen 15 Net Operating Loss, there is no option to enter 2020 in the "Year of Loss" field. It is telling me I must enter a 1993-2018 year.
Does anyone have a suggestion or work around to do this? Thank you!
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sjrcpa
Level 15
03-27-2021
05:17 PM
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"We want to prepare and Amended 2015 tax return as part of 1045 package"
You only need the 1045 for a 2020 NOL as long as you file it by 12/31/21.
I assume you are entering in 2015 to get the software to recompute the tax. Enter it as a 2018 NOL in 2015 to get it to work.
The more I know, the more I don't know.
