NOL

[ChiHoang]

For NOL, do I have to manually enter the amount available to carryforward in the carryover worksheet in ProSeries ? ProSeries does not automatically calculated it ?

Thanks

[IRonMaN]

I thought the software did the leg work for you.  At least I thought it did for the Professional version anyway.

[TaxGuyBill]

ProSeries Basic is great for almost everything, but unfortunately NOLs is one of the few things it does not have.  So yes, you need to manually calculate and manually enter NOLs if you use Basic (or use Professional on a Pay-Per-Return basis if you want to use the NOL worksheets).

[ChiHoang]

Thank you for your answer.

[Camp1040]

I have gone to the carryover worsheet and then double clicked on the NOL and it calculated the NOL and woksheets if you decided to file form 1045.

I use basic!

[TaxGuyBill]

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@Camp1040 wrote:

I have gone to the carryover worsheet and then double clicked on the NOL and it calculated the NOL and woksheets if you decided to file form 1045.

I use basic!

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Wow, that it interesting.  As far I knew, Basic didn't do anything with NOLs, including calculating the 1045.  I may need to investigate that further.

[Camp1040]

It won't calculate the 1045 just the forms to attach to the 1045, have never had that many NOL's and all have been carrryforward.

EDIT : Basic does contain the 1045 form