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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.
