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- NOL Worksheet for Individual Returns
NOL Worksheet for Individual Returns
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HPMCPAs
Level 2
02-06-2023
03:15 PM
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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
02-06-2023
11:53 PM
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I print a copy of the NOL worksheet and carryover worksheet each year and keep it in client's file.
HPMCPAs
Level 2
02-07-2023
07:00 AM
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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.
msmith7305
Level 7
02-07-2023
11:29 AM
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As you suggest, there is no reason that can't be done.
The problem is getting them to do it.
