Form 172 NOL

[OKno]

I'm working on a tax return for a client who has an NOL carryover.  The Carryover Worksheet, line 14 has the amount carried over but shows an error.  The error message is "Net Operating Loss is now being reported on Form 172. Form 172 has not been finalized at this time. The product will be updated once the form has been finalized."  I went to the Intuit App - Tax Form Availability for ProSeries.  There is says that the form is "Unsupported"!  It will be ready to print 3/6/25.

Is this correct?  Is ProSeries not going to support NOL carryover?

Need help on this one.

[mhs1826]

I have the same issue. My client has an NOL in 2024. I assume form 172 should be filed with the tax return to report the NOL. I'm not sure how the Carryforward will be handled in 2025 - does there need to be a manual entry to deduct the NOL in 2025?

[Just-Lisa-Now-]

I saw someone else mention this over in the Facebook PS group, said it couldnt be EFiled either, so can it be attached as a PDF?   we cant possibly be forced to mail any return with an NOL, that would be ridiculous.

@IntuitGabi   can we get some information on this new form?

[IntuitGabi]

Yes, I'll see what I can find out about this. Thank you! 

[IntuitGabi · Accepted solution]

Hello. During this time, some forms are continuing to go through the approval and schema updates. Our focus and commitment remains to have forms finalized and approved by their agencies as quickly as possible. 

The ProSeries Tax Form Finder has been updated to show Form 172 available to e-file on 3/6/2025. To plan accordingly for your clients, continue to check the site for any changes. I hope this helps! 

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[OKno]

Thank you, thank you!

[denson_m]

This is unacceptable to have this Form 172 available on 3-6-2025 for Pro Series, it should be available now, especially after the high a price that you charge for the software.

[Terry53029]

What's the hurry, if a client has an NOL there is no refund, and most NOL's have to be carried forward. no more carrying them back to get a refund from the IRS in a timely manner.

[Samuel B]

I agree Form 172 should be available now. My client had a refund due.  He was just widowed and could use the refund. 

[OKno]

I am not particularly anxious to defend ProSeries but in their defense, this form was finalized by the IRS at the end of December 2024.

[garman22]

3/6 could be a bit early for PS. I would not count on that date. 

[CSSEY2148]

What I am reading is that we have to hold the return that has a NOL until 

March! Thats crazy

[SS9]

Are you for real??? I have to wait until March 6 to file my clients tax return??? Can someone please advise if there is anything to do about this????

[sjrcpa]

All you can do is wait.

[Just-Lisa-Now-]

Looks like its still in Draft form on the IRS website, so PS cant make it available until IRS finalizes it and gets their version of it approved by IRS.

[Just-Lisa-Now-]

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@OKno wrote:

I am not particularly anxious to defend ProSeries but in their defense, this form was finalized by the IRS at the end of December 2024.

---

I can only find a Draft of it on the IRS website, where did you see a final one?

[OKno]

IRS website - search "Form 172"

[Just-Lisa-Now-]

it does popup there, when I google it all I get is the draft, I thought they pulled the draft once it was final, weird

[mvts]

This is so upsetting. Checking and noticing that other software companies took care of this last week. I agree with you, absolutely unacceptable.

[steve5]

Well that is not true.  I have a few elderly retired clients that had older NOLs.  They have withholdings on their retirement accounts and want their refunds ASAP.  You can't tell them not to withhold either, it's what they do.

[taxiowa]

You can not get a NOL simply from the standard deduction.  Maybe they had carryover from 2023 NOL which was possible from charitable deduction number which was not on itemized deduction.  Simply go into carryover worksheet and delete the carryforward amount.

[steve5]

Yes, I was typing too fast.  The NOL was an older carryforward.  

[taxman1]

Have quite a few farmers with losses from prior years.  Will just have to wait.  What a mess this year.  Seriously going to check out the competition this year.  Sad, been with PS since they bought out "Best Tax Software" eons ago.  Best use to be CPAID for all of us old farts. 

[Penni]

Farmer's tax returns are due on March 3rd if they owe, to avoid penalty for underpaying or paying estimated taxes.  How are we to file these by due date if form is not ready until after that date?  So tired of having to tell clients we can't file yet due to forms not being available.  The only thing that makes me different than the person down the street is customer service!  The same goes for ProSeries!!

[Michelle46]

Following....as we have the same issue with farmers being due the 3rd of March.  Is there a workaround?

[taxman1]

Im holding off on any farmers with loss carry overs until form is released.  And if they owe, just attach a preparers note explaining the situation.  Shouldn't be an issue.  Just frustrating.  

[doristowns39ElmNOT]

Trying to efile the return and it's failing final review so now the poor guy, who has a barely surviving business and NEEDS his refund has to mail the stupid thing?  He won't get it processed that way for MONTHS!  Very frustrated by what is just an administrative issue.

[Merc]

We find it unacceptable if other companies have cleared this with the IRS and are ready to roll.  Farmers are one of our biggest customers.  Their due date is before 3-6 when PS anticipates the form to be ready.  This should be a current priority for PS.  Expedite, please!  

[taxiowa]

Excuse me if I am wrong but if they had a NOL from 2023 they probably owed little to nothing.  They then would not owe any penalty by not filing by 3/03, so the deadline is of course 4/15. No reason for rush or paper file.  On the 2210 just plop down $0 owed in 2023 and problem solved.

[Merc]

Yes, but....still doesn't make us timely in our clients' eyes when their friend didn't have that delay when they filed with their tax preparer down the street  🤔

[doristowns39ElmNOT]

Exactly!!  Between ProSeries and Quickbooks Online, I've had all kinds of issues where Intuit makes me look like an incompetent old fool that can't figure out their software.  They are never thrown in a bad light.  It's my face that my clients see and I'm the one that always looks stupid. 😠

[doristowns39ElmNOT]

You're wrong.  Let's just leave it at that.  My CLIENT wants to file NOW.

[AlJr]

How come Lacerte had the form ready on 2/6/25 and we have to wait till 3/6/25?

[AlJr]

Lacerte was ready on 2/6

[AlJr]

Lacerte had it ready on 2/6

[BobKamman]

What's interesting is that the IRS instructions for Form 172 do not have a "Who Must File" section, like most required forms.  Is it even necessary?  I don't have any NOL's so far this year, so I haven't looked too closely.  

[IRonMaN]

Well, that was interesting reading.  It's a shame that I sold my warehouse containing all of those pitchforks and torches.  Sounds like I could have sold a bunch of inventory after seeing this. 

[Taxes-by-Rocky]

I think this form and instructions were merely created to "assist" taxpayers to carryforward / carryback their NOLs (maybe what the worksheets used to do).  See "What's New" in the instructions.  Doesn't actually look like there is a filing requirement.

[Taxes 27]

And yet deadline for some is Mar 3rd??  How does March 6th work with that?

[taxman1]

Form needs attached.  Page three of instructions, "Deducting a Carryforward".  

[The_AntiTax_Man]

@taxiowa  I think the preparer getting paid for his/her work is the real issue here.  They are ready to bill, and get paid, but can't yet.

[AlJr]

The_AntiTax-Man

If you were a tax preparer you would realize that when a client brings us their information, they expect a certain reasonable turnaround time.  This is not the time of year I need to get numerous phone calls asking if their tax return is done yet.  I then have to explain that a certain form is not ready yet and they will need to wait 2 or 3 more weeks until the form is final.  It is not about the money!

[GeorgeSpooner]

Intuit will let us down again like in prior years. It is totally unacceptable for form 172 to not be available for filing. I have returns backed up waiting for this form which is new. Clients want their refunds and this should not be allowed to create a backlog of returns and we are supposed to check daily. Totally unacceptable for this high price software. 

[GeorgeSpooner]

So this form will be available March 6 so refunds will be delayed further if the govt shuts down in March so they are putting everyone in a delay mode. Where is Elon Musk so heads should roll at the IRS as they are not doing their jobs?

[GeorgeSpooner]

Prior year NOLs trigger this form as a carryforward.

[GeorgeSpooner]

The IRS will still issue a penalty and then you have to take the time to get in touch with them and write letters asking a penalty abatement only to find the IRS dept working on it is not waiving anything. Then they say go tax court if you don't like it. Tough luck. You will have to spend hours on something that should have been taken care of by Intuit before tax season even started.

[DEtris]

March 6th is unacceptable.   The IRS Website shows the form as complete.  The Lacerte  products shows that it is available.  What is the delay for ProSeries?

[IRonMaN]

I thought I read somewhere here that the guy that was in charge of the form had it just about done but he took the form home with him and his dog ate it so he had to start all over.

On a more serious note, if you are waiting for anyone from Intuit to respond to the reason for the delay, you are going to die waiting since they really aren't very good at communicating with their customers.  On a scale of 1 to 10 in the communications department they come in at about a negative 23.

[mvts]

Why is it acceptable to ProSeries that we should have to wait while Lucerte users can file for their clients?