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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
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- NOL Carryforward
NOL Carryforward
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tetertax
Level 2
04-04-2024
05:25 PM
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I understand the premise of the NOL Carryforward not being automatically calculated in the NOL screen; however, I don't understand why if the taxable income is $0 (and I can't use any of the carryforward in 2023) I can't enter $0 and the program accept it. Please help. I asked the same question last year and no one was able to answer.
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sjrcpa
Level 15
04-04-2024
10:24 PM
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In Lacerte and ProConnect, you use -1 to indicate -0-.
And just because taxable income is zero does not mean none of the NOL is used up. You have to do the calculations.
The more I know, the more I don't know.
