Client has carryover from 2019 to 2020. Program is asking for explanation. Is this due to student loan interest

Forum|Forum|5 years ago
April 3, 2021
6 replies
23 views

Client didn't work most of 2019 because of school. The adjustments to income from Schedule 1 offset her total income and is showing a negative number for adjusted gross income. Can't find a form showing me the numbers to determine what it's for and why a different amount is allowed in 2020...and the carryover wks is not helpful at all. Hope this made sense. Please help!

ProSeries Professional

This topic has been closed for replies.

dd4vols

Intuit Community Champion

it's not a NOL carryforward? usually you get the "red", telling you that an explanation is needed if that's it. Scroll down the forms bar to "Carryover WKS". see if that helps.

If an answer solves your issue, click on the "Mark as Best Answer" button! Makes it easier for people to find answers to similar questions that have already been posted.

T

taxtimeAuthor

Level 3

Thank you so much for responding. 🙂 The Carryover Worksheet for 2020 shows a NOL available for carry forward. Unfortunately, this worksheet doesn't show what it's for (student loan interest and/or tuition and fees) and the percentage that was allowed? I could only deduce that it's from those two deductions because the client doesn't have a business. I can't find a form or another worksheet where it shows the breakdown. I've looked at the IRS website for insight on NOL that pertains to the above, but that wasn't much help. 😕😕 The amount for adjusted gross income in 2019 is -5007, but the NOL available for 2020 is 2796? So for the explanation, I have to list all the important facts pertaining to the NOL. ProSeries customer support tried to help, but they couldn't figure it out either. They said best bet is to try here. HELP!!! 😉

dkh

Level 15

Do you have the 2019 in PS? Open the NOL worksheet form - it will show you the math for the NOL carryforward. As for the explanation on the 2020 - here is what I use

20xx Form 1040 NOL carryforward $xxxx

there is no need to give all the details as IRS already has that on the 2019 return

Sign up

Login with SSO

Let's get you signed in

Login with SSO