Filing an Amended 2014 Tax Return with 2019 NOL

[Sstruiksma]

Hello, 

During 2019, my client had an NOL. With this NOL, I am trying to file a 1040X for 2014. However, I am having issues with the NOL carryback. When I go into the Net operating loss deduction screen (Screen 15) to enter the year of loss for the NOL, I can not input 2019 as the year. I get an error where only values between 1993-2018 can be entered. This same issue also happens in Lacerte 2015 as well.

Any help or guidance would be greatly appreciated.

Thanks,

Steven 

[TaxGuyBill]

I assume you have updated the software, right?

Does it prevent you from entering the number or does it not calculate the amount?  If it otherwise works, just ignore the warning.  You might not be able to e-file (whenever the ability to e-file amended returns becomes available), but if that is the case, just paper-file.

Is there a reason why you are amending rather than filing a 1045 (or 1139) with the current year return (or faxing it with the special provision for this year)?

[George4Tacks]

This has always been a problem with state. The software is not updated and I suspect it won't be. Use any year and correct it on the paper form created for paper filing.

As TaxGuyBill said, use the 1045 from the 2019 return and just use the 2014 to create the figures to go into it would be the quicker processing option for the client. 

[problemsolver2012]

I am having the same problem.  The deadline for using form 1045 has passed, the 1040x must be used for the CARES act 5 year carryback of an NOL from 2019.  The 2014 software will not allow a entry for loss year of 2019 on screen 15. Value must be between 1993 and 2018.  There are no updates available for the 2014 software.  Any recommendations other than manually preparing the form?

[rbynaker]

You might be able to print to PDF and use a PDF editor.  Personally, I'd just go with white-out.

[George4Tacks]

To supplement what @rbynaker stated. For Lacerte - pick any year for the carryback, then as he said - use white out or even cross off any correct. You will be filing paper and nothing says it has to be neat, only legible. 

[problemsolver2012]

Thanks, I thought that might the answer.  I was hoping this issue would resolve the problem  I am having preparing NOL Schedule B to attach to the 1040x. The carryover is off by the change in the itemized deductions and personal exemption amounts and I cannot seem to fix it.   I added the passive loss allowed with the lower AGI and the change in taxable social security to get to the modified taxable income.  The 2014 tax statement shows a lower carryover amount by the change in itemized deductions and personal exemption than the Schedule B NOL carryover prepared on the 2019 software.   Any thoughts on that would be greatly appreciated.