ProSeries Iowa Tax Module Iowa tax form: IA 123 Net Operating Loss Schedule 41-123

[The_AntiTax_Man]

ProSeries Iowa Tax Module

Iowa tax form: IA 123 Net Operating Loss Schedule 41-123 

IDOR link:  https://tax.iowa.gov/sites/default/files/2021-12/IA123%2841123%29.pdf

Iowa did not follow the 2017, nor the 2020 Federal Tax Acts.  Iowa has gone it's own way on NOLs and does not follow the Federal NOL law.

IMPORTANT:  IA 123 is used to make the irrevocable Iowa NOL election to carry forward or to carry back the IA NOL.  This election must be made on a timely filed Iowa return.

IA 123 is also used to compute NOL amounts created and used for each year.

IA 123 is needed to e-file Iowa NOL returns.

IA 123 is a pretty straight-forward two-page tax form/schedule.  

IA 123 addition to Iowa tax forms is a need, not a want.

[The_AntiTax_Man]

I guess voting is non-operational.

@Anonymous 

This Iowa NOL issued needs to be addressed in the PS 2022 Iowa module.

[Anonymous]

We'll look into this. Thank you! 

[The_AntiTax_Man]

@IntuitGabiU   please let me know what you hear back from Intuit programming regarding the current Iowa NOL issues stated above.  Thank you.

[sjrcpa]

@The_AntiTax_Man 🤣

[IRonMaN]

Every now and then a song pops into my head.  I can hear it now, but I can't quite make out the words.  Hold on, it just got clear ---------------- in the year 2525.😁

[Anonymous]

This is considered an enhancement and it is no longer considered "New". If you have any questions on the life cycle of an idea, check out our Idea Getting Started Guide for more information.

[The_AntiTax_Man]

@Anonymous I do not understand the term "enhancement".  Please explain this status.

IA 123 Net Operating Loss Schedule 41-123 is a new Iowa tax form.

ALSO, the "Status: Open for voting" is not enabled. It states: "Sorry, you can't give votes to this post."