Form 172 NOL

[The_AntiTax_Man]

@AlJr  Yes, there are always impatient clients.  If the client gives you everything that you need to complete their return you certainly want to accommodate them.  And the stack of nearly completed returns gets higher on the corner of your desk each day.  So, you can visually see what has been left undone.  And you would like to provide your client with a finished product and get paid so that you can pay your bills.  You are rightfully upset that your software company has let you down again.    

I've been waiting for Intuit to provide a ProSeries 1040 NOL carryforward worksheet for years now.  No communication back if they are working on something or not.  Now, at long last there is a glimmer of hope that maybe, just maybe, it will happen this year.   

[CookGorrell]

Farm returns are due to the IRS on 3/1/2025 - 3/6/2025 will make every return late and subject to penalties.  

[a-zbookkeeping]

According to the IRS Released Form, Form 172 was Finalized & Released on 01/16/2025!!! I Don't understand the Intuit Delay till 03/06/2025

[BobKamman]

Have you ever run a software company?  It's not an easy form to program (speaking as someone who used to program my own TRS-80 to do tax returns, in the good old days).  And IRS hasn't been too obvious about announcing that it's a new requirement.  Is the delay caused by Intuit, the worst tax software company in the world except for all the others, or by IRS, where "reeling" is their middle name.

[Gregory Gandrud]

It is simply untrue that if there is an NOL carryforward that there is no current year refund. Please think again about your logic here.

[BobKamman]

That comment is appended to something I posted yesterday, but it's directed at something Terry53029 said about refunds on NOL returns three weeks ago.  

[BobKamman]

@Terry53029  I think what you meant long ago was "there is no balance due."  But consider the Schedule C or Schedule F filer with a $100,000 current-year profit and a $200,000 NOL carryover.  Income tax due: zero.  But SE tax due:  about $15,000.  

[taxiowa]

Get real Bob.  If you had a $200K NOL in 2023 it had to be because of your Sch c or Sch F loss.  You can not have that big of loss on wages, rental properties or investment.  That means you owed no tax in 2023.  which also means you owe no penalty on this years filing.  As long as paid by 4/15.

Most on this thread are just worried they are not going to get paid as soon as normal  Take out bank loan until they get paid is all that I can tell them.  But avoiding penalty for not getting return in is not applicable.  I would love someone to prove me wrong that they had farm income last year and a NOL?  And therefore have to file by 3/03.

[BobKamman]

Get real.  You sound like someone who has always had cash-management problems with a tax business and is trying to project that on someone else.  What's really going on here is that preparers in farm country would like to get those returns out of the way by March 1 so they can focus on non-farm returns for the last six weeks of tax season.  I think special treatment for farmers is an archaic privilege that should be repealed, or extended to everyone who doesn't know their income until some of the December K-1s are received or transactions are recorded.  But as long as the farm lobby has 5% of the vote, nothing will happen.  Just look at the uproar over Trump and Musk freezing the farm welfare payments (while denying it's happening).

What I wrote is that someone could have a $200K NOL from 2023, then a $100K profit in 2024.  Do you agree they are required to use Form 172?  And they're still going to have a balance due from SE tax, right?  And I thought Terry53029 meant “balance due” instead of refund. But maybe Terry doesn’t do joint returns, when one spouse has a job with tax withheld on wages; or returns for farmers who also hold W-2 jobs between harvest and planting. (My Kamman ancestors from southern Indiana used to work part of the year in the Louisville packing plants to help their cash flow.)  Of course for the March 1 benefit to be claimed, most of the gross has to come from farming, right? So there’s that.