80% Limitation on Net Operating Loss Carryforwards (TCJA)

[aauccpa]

Currently, ProSeries does not support the 80% limitation on Net Operating Loss Carryforwards as prescribed by the Tax Cuts and Jobs Act (TCJA) of 2017.

Is an enhancement planned for tax year 2023?

Please advise, 

Angel A. Unzalu, C.P.A.

954-815-

[msmith7305]

Thanks for bringing this up again. Good luck on getting a response from Intuit. I have posted about this issue for over a year with no results. The surprising thing to me is that so few users have complained. The 1120 module has now incorporated this.

[IRonMaN]

"The surprising thing to me is that so few users have complained"

A vast majority of the users of this software prepare very basic returns and you aren't going to generate too many NOLs from a W-2.  For a large percentage of the other users that could possibly generate a NOL, they wouldn't have the slightest idea that the losses are limited.  That's why it isn't surprising that you aren't seeing more folks bringing up the issue.  But you are correct about needing a lot of luck for Intuit to respond to this.

[aauccpa]

It is good to know that some of us know the law and sad that so many do not.

I very disappointed with Intuit staff lack of knowledge and indifference.

[IntuitGabi]

I'll pass your feedback along. Vote and comment on the related idea listed here:
Urgent! NOL Carryforwards limited to 80% of taxable income for individuals. Proseries does not calcu...