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NOL Worksheet for Individual Returns

HPMCPAs
Level 2

Is Proseries going to develop and add a NOL worksheet for individual returns to calculate and track NOL's?  There is no way to separate pre-2021 and post-2021 NOL's and the 80% limitation has to be manually calculated.  If the corporate returns can correctly calculate and track NOL's, why can't the same worksheet be developed for individual returns?

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3 Comments 3
taxes96786
Level 9

I print a copy of the NOL worksheet and carryover worksheet each year and keep it in client's file.

HPMCPAs
Level 2

Our firm keeps the NOL worksheets also.  But this doesn't calculate the new 80% taxable income limitation rule regarding NOL's.  Proseries individual software does not limit the deduction for NOL's subject to the new rule.

0 Cheers
msmith7305
Level 7

As you suggest, there is no reason that can't be done.

The problem is getting them to do it.