Welcome back! Ask questions, get answers, and join our large community of tax professionals.
Showing results for 
Search instead for 
Did you mean: 

RE: IND NOL's (IT40-NOL), Line 2, -- Previous year's NOLs incorrectly show an error if a negative number appears on line 2

Level 3

When the prior year Indiana IT-40 transfers-into the current year's return, the current year's return shows an error on the imported NOLs if line 2 is a negative amount. This is wrong.

A negative number is common on line 2 due to the state's decoupling of bonus depreciation, for example. However, a negative number in the current year's NOL calculation of that form does NOT throw off that error.  This is correct. Please correct the program so the prior year' imported NOLs do not show an error if line 2 is a negative number.

0 Cheers
1 Comment 1
Community Manager
Community Manager

Thanks for the report, @hedgeslaw. To take a look at this scenario, you'll need to contact Support to create a sanitized client file for our review at 1-800-434-6818. 

Here's more information on Submission requirements when challenging a calculation in ProSeries.

0 Cheers