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Level 6
December 20, 2019
Question

80% NOL Rules on 1040

  • December 20, 2019
  • 2 replies
  • 1 view

Has anyone tested how ProSeries handles the 80%0f taxable income limit for a 2018 NOL carried to 2019? I have fooled around with this and can't seem to find this restriction being implemented.

This topic has been closed for replies.

2 replies

Just-Lisa-Now-
Intuit Community Champion
December 20, 2019

I have not fiddled around with any returns that have NOLs yet...are you saying an NOL created in 2018 its still allowing it to reduce 2019 taxable income 100%?    May have to wait for a few more updates before things like that are working fully.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
IRonMaN
Level 15
December 20, 2019

@Just-Lisa-Now- wrote:

I have not fiddled around with any returns that have NOLs yet...are you saying an NOL created in 2018 its still allowing it to reduce 2019 taxable income 100%?    May have to wait for a few more updates before things like that are working fully.


Maybe next year we can work out a deal to pay Intuit based on how functional the product is.  In November, we can pay them about 10% of the fee since I'm guessing that is about how much of the system that is functional.  Then every couple of weeks we can pay them a couple percent more and so on and so on until we submit the final payment for the fully working package sometime in October, 2020.  Sounds fair to me.  Do you think Intuit will go along with it?

Slava Ukraini!
abctax55
Level 15
December 20, 2019

Do you think Intuit will go along with it?

In a single word...  NO

HumanKind... Be Both
Ernie
Level 7
December 21, 2019

We are users just like you.  This is a question for support.  Call them at 800 four three four 6818.

Level 6
December 21, 2019

Ernie -

Not ready for Support. Purpose of question was to determine if anyone else (Users) had tested this out. Also to make sure I was not overlooking anything.

After I see what the users say, and hopefully after some updates, will be the time for Support to be called in as far as I am concerned.

 

Level 3
March 6, 2020

I have not seen any updates that have fixed this issue or any posts to indicate resolution. I'm curious if I've overlooked something. Have you seen anything fixing this? And are you, like me, seriously considering switching to another software provider?