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NOL Carryforward
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Sdh1
Level 1
10-09-2024
06:05 AM
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Client has an NOL carryforward from 2016. In 2023, the client has a positive AGI, but negative taxable income. When I use Worksheet 2 in Pub 536 to calculate the NOL carryover to 2024, I show that none of the 2016 NOL is used in 2023. Line 2 on the worksheet is negative. There are no other adjustments and line 8 is 0 since it states not to use an amount less than 0. This results in line 9, NOL carryover to 2024 to be the same as line 1, the 2016 NOL that was carried into 2023. In ProSeries, the carryover worksheet calculates the NOL to be carried to 2024 as the beginning NOL less 2023 AGI. Am I calculating the carryover to 2024 incorrectly or is ProSeries incorrect?
Thanks for any insight!
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