My client's foreign earned income is generating an AMT NOL Carryover. I don't recall these two being related, my client is not self employed. Any assistance is appreciated. The only other post I saw with information on this wasn't very clear.
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Foreign earned income exclusion can never be more than the taxpayer's wages. The exclusion, therefore, cannot create an NOL. What are the numbers that are showing on the prior year return?
If your client had foreign source income in other baskets and/or US-source income, however, it's possible that your client may have SLL/OFL/ODL.
on the 1040 worksheet in 2019, line 9, it is subtracting the standard deduction from the AGI which is already a negative amount for the difference between foreign wages and earned income in US. transferring this amount to the NOL worksheet and creating a NOL carryover. I've called proseries on this 3x and no luck. any help is appreciated.
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