Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProSeries Tax
- :
- ProSeries Tax Discussions
- :
- NOL Carryover for farmer who elected to waive carryback period
NOL Carryover for farmer who elected to waive carryback period
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
dlwrightandco
Level 2
02-22-2022
11:34 AM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
The more I read about how to calculate and carryover NOL the less I understand. Please offer guidance. Client farmer elected to waive carryback period for NOL in 2018 of (51,607), NOL in 2019 of (790). No NOL in 2020, the NOL worksheet reflects line 24 positive amount 20,966, and the carryover worksheet reflects NOL carryover to 2021 of 31,431. Does this sound right? Were the NOLs supposed to be reduced due to the 80% of income limitation? Should the NOL worksheets for all 3 years be included with the 2021 return?
Labels
This discussion has been locked.
No new contributions can be made. You may start a new discussion
here
