Form 172 NOL

[The_AntiTax_Man]

@IRonMaN  have you heard when the 172 NOL form will be ready for e-file?

It's been a whole day with no word on this topic.    

[Penni]

You just wanted to get to Page 4!!  LOL

[IRonMaN]

Well, we did make it to page 4 ---------------------- now onward to page 5 ---------------- I have faith in this place that we will continue the discussion on this juicy topic.

[IRonMaN]

Found one - there will be more.

https://accountants.intuit.com/community/proseries-tax-discussions/discussion/when-is-form-172-nol-c...

[George4Tacks]

@IRonMaN I think you are trying use circular logic to solve this problem. I don't think that will ever work, but congratulations on a wonderful attempt.

[IRonMaN]

@George4Tacks - Sorry, but you are wrong.  I'm not using circular logic, I'm just trying to get to page 5.  It's kinda like Kramer seeing how far the car will go before it runs out of gas.

[TiredFarmer]

If I weren't so tired I would think up a really good story so it would for sure take you to page 5.  You all (I hope you know who you are) are the BEST!  Hope you have a good week-end.  I actually know some good stories just not sure I could post....

[sjrcpa]

Over at TaxProTalk.com there is a thread on BOI with 587 posts and 30 pages. The pages are shorter, but the font is smaller. You get the gist.

[IRonMaN]

That sounds like a challenge!  Ok @TiredFarmer get busy telling your stories and I'll post somewhere that I thought I heard a rumor that the 172 won't be ready until July (remember - if you saw it on the internet, it has to be true).  That should cause some renewed interest here😜

[LeChuz]

Several new updates came in over the weekend.... not Form 172!

It does say that it will be final on March 20th, however.

[taxman1]

On March 20th it will say April 15th.   🤣

[The_AntiTax_Man]

@IRonMaN  It's March 20th today.....

[taxman1]

And it made it on the program  🤣   

[IRonMaN]

---

@The_AntiTax_Man wrote:

@IRonMaN  It's March 20th today.....

---

Be on the lookout for what they broke when they made that little addition to the software.😲

[Strongsilence-CPA]

There once was a man from Intuit,
Whose tax skills were truly acute.
He filed Form One-Seven-Two,
But the IRS knew—
His math didn’t quite follow suit!

[TiredFarmer]

Okay anyone care to settle a friendly dispute...one of us says form 172 part 2 is for carrybacks and any amount that was not absorbed to carry forward and one of us say it is to carry forward any NOL .  I just hope I am right but sometimes something like this could just let one of us know we are to old for this game and need to change professions or the type of returns completed. Thank you in advance for reading even if you don't want to answer.

[LeChuz]

Funny ... after waiting and waiting for the form on a $8800 NOL from 2023, ProSeries didn't even produce the form. The diagnostic was cleared and it allowed me to electronically file without it.

I believe the form is to compute the current year NOL. When you go in and force it to populate, it puts the data for 2024 in. 

Thus, the second page is for those lucky few that can carryback a NOL 2 years (primarily farmers). The second page is for computing the amount absorbed in the year 2 years back, carrying the balance to the year 1 year back, and computing if there is any leftover to carryover.

For carrying a loss from 2023 or earlier into 2024, the form apparently is not required by the IRS. It seems to be only required for 2024 losses and forward.

If anyone has a different idea, please post it.

[IRonMaN]

Personally, I haven't looked at the form, so I'll bite on whatever someone says about the form.

[TiredFarmer]

I am still pondering on a story that I can post that won't get me in trouble but yours are so much better and I liked the clarinet one.

[IRonMaN]

Musical stories always add a little class to this place😁

[Frustrated-in-IL]

Will the program ever compute the allowable NOL after limitations?

[IRonMaN]

Yes - in the year 2525

[TiredFarmer]

I had called way back when the talk first started and ask was it going to calculate and someone at Intuit said yes it was and any return that was done the "work around" way would have to be redone to get the calculations to work right for next year. (I am still trying to figure out the logic to that statement) I think my computer program is working like frustrated in IL and l don't think I will see it calculate in my lifetime with Pro Series....maybe it is me maybe I didn't download something right.......Sometimes I really miss just doing them by hand I think I worked better.  Hope you all have a good day.

[The_AntiTax_Man]

@IRonMaN 

3-20-25 you wrote:  Be on the lookout for what they broke when they made that little addition to the software.

My reply:  It looks like PS has provided a broke Form 172 NOL.

________________________________________________________________ 

@TiredFarmer  Did Intuit put a broke Form 172 NOL into PS24?

[IRonMaN]

They said they would have the form ready by 3/20.  Nobody asked the more relevant question - will it work?

[taxman1]

I have been using the work around since the issue started.  I have one more client to pick up with a business loss and the new form calculated correctly.  So I just deleted the attached 172 pdf.  Not sure why some say its wrong ?

[taxshack]

@TiredFarmer It's right in the form instructions:  Part II—NOL Carryover
Complete this part to figure the NOL deduction for each carryback year and the amount to be carried forward, if not fully absorbed.   https://www.irs.gov/forms-pubs/about-form-172

[Frustrated-in-IL]

I do not believe it is working, at least the calculation for Line 3.

[Michael]

Can someone explain to me why the ProSeries Tax Form Finder shows the Form 172 as ready to e-file, yet the instructions say it has to be mailed or attached as a pdf? 

[IntuitGabi]

Hi Michael. See the instructions here on Efiling with Form 172. 
*****
See Hot Topics for ProSeries here. 

[DTNY07]

The ones that I had were e-filed and accepted

[taxshack]

The "why" is because that is the Proseries solution to dealing with new forms.  This is why 7203 had to be attached as PDF for so long and same with 1116(b).  Maybe next year or the year after it will be able to be filed without attachment.  But Proseries doesn't get the same treatment as Lacerte and Proconnect.  So any improvements to functionality happen in those programs long before they happen in ours.