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Level 1
March 22, 2020
Question

How do I manually adjust a net operating loss deduction in excess of 80% of taxable income without getting an error message?

  • March 22, 2020
  • 5 replies
  • 43 views
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5 replies

Just-Lisa-Now-
Intuit Community Champion
March 22, 2020

I havent had any of these yet, but Ive been wondering the same thing.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Level 2
March 26, 2020

I have the same issue.  

If you manually calculate the 80% limitation and place in the Carryover absorbed in 2019 input box, the taxable income before NOL (found on 2018 NOL utilization statement) changes to a number that is not the actual taxable income, but the original taxable income plus the absorbed amount.  Also, the change  (which is an override) screws up the 2019 Computation of Taxable Income for NOL utilization statement.

It seems to be a program error.  

The_AntiTax_Man
Level 7
March 26, 2020

@aztxboy  @jcodrea  @Just-Lisa-Now-   Let me know if you discover a solution.