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My client has a large Schedule C NOL and I would like to carryfoward the amount that ProSeries has calculated as allowable but it does not appear that it is flowing to the correct place on the tax return and it continues to show the full NOL as the Schedule C income. I cannot figure out what I am doing wrong. Does anyone have any advice?
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Does PS not have a worksheet or 'general info' page showing the carryforwards?
The NOL doesn't impact/change the current year info, so you won't see it there.
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Look at NOL worksheet. Is there one?
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A Schedule C "loss" is different than a NOL (which sort-of means the net income on the entire 1040 ends up with negative income).
If there is other income on the tax return, a Schedule C loss is generally allowed to offset the other income on the tax return. It does not get carried forward to next year.
Does that help you? If not, can you give more details and explain what you mean?
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There is a NOL Carryforward amount. I have completed the NOL worksheet and know the amount that should be carried forward. I am not sure the tax software is carrying forward that loss because I cannot see where it has changed the 1040 to reflect the amount that is being carried forward. I am not sure within the software if i am missing something that I should be doing to make sure that it will be carried forward and additionally how that will be reflected on the 1040.
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Does PS not have a worksheet or 'general info' page showing the carryforwards?
The NOL doesn't impact/change the current year info, so you won't see it there.
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Thank you for the information. I have not had a NOL carryforward before and am trying to figure out what it should look like and what I can expect for the 2023 returns. I greatly appreciate everyone responding!
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The NOL carryforward is on the carryforwards worksheet. I'm not sure what you mean about "where the NOL changed the 1040 to reflect the amount that is being carried forward."
The 1040 is what it is. The carryforward is on the c/f worksheet.
What about carrying it back?