Where do you overide the nol carryforward so it's not more than 80% of taxable income

[abctax55]

That no longer applies. Suspended for now. 

Read the CARES Act (or, one of the other recently passed laws.  They've all melded in my poor, tired brain).

[RoamingCPA]

I just did the update but a corporate return I'm doing still shows 80% of the loss.  Any eta when this will be fixed?

[abctax55]

Lacerte never had it right in the first place - it had to be done manually, and you are saying NOW it does?

OR, are you just looking at a diagnostic?

[RoamingCPA]

My understanding of the law changes is that the 80% maximum of prior year NOL was repealed, that now 100% should be allowed but that is not the case in the return I'm working on.  It is limiting the NOL from 2018 carried forward to 2019 to 80% of the 2019 income.  Am I reading this correctly:

The CARES Act repeals the 80% income limitation for NOL carryovers that can be deducted in tax years beginning before January 1, 2021.

From that I thought it meant that the carryover would flow in at 100%...

[sjrcpa]

Your understanding of the law, which just passed about a week ago, is correct. Lacerte never updates that fast.

Apparently they just updated for last year's 80% limit.

[abctax55]

I'm not sure whether we are supposed to laugh or cry over this one 🤣

I wonder if the programming has a "forget those changes" button?