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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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- NOL Carryfoward
NOL Carryfoward
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KaleyR
Level 2
02-13-2024
09:49 AM
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A taxpayer has a business and file a sch C. They got married and now filing MFJ. When I transfer to do MO 1040, it splits the NOL between both taxpayer and spouse. Am I missing something that should be marked just taxpayer? How do I get the Missouri to show taxpayer just gets the loss? Should I just over ride ?
2 Comments 2
Just-Lisa-Now-
Level 15
02-13-2024
10:25 AM
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Since its MFJ, does it matter?
♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Christy H
Level 2
02-13-2024
04:01 PM
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I am having a similar issue on the federal return. This was my question:
I have an existing tax client who married in 2023. The new spouse has a significant NOL from prior years. The NOL can only be used against the new spouses income. However, the ProSeries program is applying the NOL to both spouses income. How do I get the software program to only apply the NOL to the new spouse that incurred the NOL?
