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- Re: North Carolina Form NC NOL
North Carolina Form NC NOL
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sfmeliss
Level 3
08-20-2023
12:13 PM
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For 2022 I have a 461(l) excess business loss and that is showing on federal 1040 other income. However, North Carolina, Form NC NOL, is not picking this up on Page 1, Part 1, line 1f and the instructions are pretty clear that the federal other income number should be populating on that form. Has anyone dealt with this or have any insight? I don't see a place to override for that form and Lacerte doesn't have a "jump to input" for that form.
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George4Tacks
Level 15
08-21-2023
08:58 AM
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Please clarify "excess business loss." How does that compare to the federal NOL? Does the state generate a similar NOL?
Answers are easy. Questions are hard!
sfmeliss
Level 3
08-21-2023
09:54 AM
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Federal excess business loss adjustment under section 461(l), added back on federal 1040, Sch 1, page 1, line 8p. But I think your question might have answered my original question which is why form NC NOL was not populating and showing that 2022 federal 461(l) adjustment on line 1f. Because there are no NOLs in current year no NC NOL form will populate, that will happen next year. Thanks
