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- 2020 NOL Carryforward isn't limited to 80%
2020 NOL Carryforward isn't limited to 80%
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david3
Level 7
04-11-2022
10:57 AM
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I tried to tag onto another post that discussed this topic but I got a Bad Request response.
A 2020 NOL carryforward of $613K is being allowed on the client's 2021 tax return. The answer in the post said that PS does the calculation and you can see that in the NOL carryforward for 2021 in the Carryover Worksheet.
The carryover worksheet is showing zero in the far right column for 2021, therefore, allowing all of the NOL carryover to be deducted.
The 2021 taxable income is $(8,103) after the $613K NOL carryover.
If I add back the $613K NOL carryover then taxable income before the NOL carryover is $605K. Shouldn't the NOL carryover be limited to $484K ($605K x 80%)?
Or am I not calculating this correctly and PS knows better?
If the NOL carryover is limited to $484K then how do I adjust that in PS?
Thanks for your help.
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