Level 4

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2019 NOL

Forum|Forum|5 years ago
October 14, 2020
14 replies
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Will Pro Series Basic automatically carry forward an NOL from 2019 due to Sch C business? How is that going to work for 2020?

ProSeries Basic

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Best answer by Terry53029

Here is a link for you to check the new rules:

https://www.irs.gov/newsroom/frequently-asked-questions-about-carrybacks-of-nols-for-taxpayers-who-have-had-section-965-inclusions

Just-Lisa-Now-

Intuit Community Champion

A Sch C loss wont necessarily create an NOL...but if you do have an NOL, yes it should carryover to 2020.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

Accountant-Man

Level 13

The GOP will be auto carried forward, and will only have to be adjusted if you carried it back.

** I am "Elevating with Intention!"

T

TaxGuyBill

Basic does not have Form 1045, so I assume that means it does NOT calculate the NOL.

If that is the case, you would need to manually calculate and enter it for it to carry forward (or use Professional on a Pay-Per-Return basis).

The 'default' is that a NOL is carried back 5 years. So if you want it to carry forward, you need to make the election to "Waive the Carryback".

R

roniswindellAuthor

Level 4

Yes, it is an NOL whose source is Sch C. Yes, you have to do the 1045 manually in Basic, but since all NOLs except some businesses that have special rules, have to be carried forward 2019 on, where do I input it on the 2019 return so that it will pick it up for 2020?

sjrcpa

Level 15

" since all NOLs except some businesses that have special rules, have to be carried forward 2019 on, "

This is no longer true. As Bill said, they now go back 5 years unless you elect out. And you can elect out on the 2020 tax return.

The more I know the more I don’t know.

T

Terry53029

Answer

Intuit Community Champion

Here is a link for you to check the new rules:

https://www.irs.gov/newsroom/frequently-asked-questions-about-carrybacks-of-nols-for-taxpayers-who-have-had-section-965-inclusions

R

roniswindellAuthor

Level 4

Thank you. Looks like I can wait to forego until the 2020 return, but I think I will add the election to the 2019 return today just to see what Pro Series will do with that loss.

rbynaker

Level 13

The bigger question in my mind is why don't you want to carry it back and get refunds?

There are lots of valid reasons, I'm not saying these should always be carried back, just curious.

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