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- 2020 Proseries contribution on page 1 with no taxable income creates an NOL
2020 Proseries contribution on page 1 with no taxable income creates an NOL
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vscpanm
Level 5
02-15-2021
04:41 PM
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I have a client who has income but no taxable income. I entered contributions on Sch A (can't itemize). Contributions feed to page 1 box 10a and you must enter the amount you want to appear on page 1 of 1040 in box 10b, max of $300. Because this client has no taxable income, Proseries calculated an NOL carryover to 2021, instead of a contribution carryover. The instructions say carried over contributions do not qualify for the page 1 deduction, so i'm thinking this has something to do with it. However, i think i should be able to carryover the contribution and not have to claim it on page 1. I cannot enter 0 as an amount on the 1040 page 1 contribution box 10b as it gives an error. Anyone seen this yet?
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qbteachmt
Level 15
02-15-2021
04:56 PM
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Someone else reported and resolved the NOL issue, here:
Are you trying to carry forward the Above The Line deduction of $300?
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