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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- Net Operating Loss: CA 3805V form
Net Operating Loss: CA 3805V form
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oball23
Level 1
04-02-2022
03:31 AM
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By FTB definition, a NOL is: If your deductions and losses are greater than your income from all sources in a tax year, you may have a net operating loss (NOL).
https://www.ftb.ca.gov/file/business/deductions/net-operating-loss.html
Question I have is why is this not automatically carrying over to the 3805V form and subsequently to the following year's information? I had a client with an adjusted gross income of -50,000 in 2020, this should have carried over to 2021's CA 3805V and against ordinary income. Should I be entering the -50,000 manually into the 3805V page 3, with a REG code? Doesnt make sense I should do this for every K-1 with a loss, etc.?
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