Urgent! NOL Carryforwards limited to 80% of taxable income for individuals. Proseries does not calculate this limitation, please fix!

[Stumpedagain]

Proseries Professional is refusing to efile a return because the total income is less than the refund.  Error happens because Proseries is deducting the entire NOL Carryforward without regard to the 2021 80% of taxable income limitation.  Please fix this, need to file a return.

[msmith7305]

PS has totally failed us with this issue.

To rub salt in the wound, PS also does not have Form 461 - Excess Business Loss available to us.

[The_AntiTax_Man]

@msmith7305  Yeah, all of the federal and state tax law changes have made tax software programming challenging.  Intuit has some fairly nice NOL carry forward features incorporated into their federal and state business tax software modules [1120, 1120S, 1065].  Hopefully, as Intuit upgrades those modules to conform to the new NOL tax laws they will be able to add the same worksheets into the 1040 module.

I believe that @IntuitGabiU can relay these NOL issues to the Intuit programing folks.  

[The_AntiTax_Man]

The original poster @Stumpedagain  posted this thread in February of 2022.

@IntuitGabiU what is the status of the Intuit ProSeries update regarding the 2019, 2020, 2021,2022 NOL deduction 80% of taxable income limitation.  Is Intuit working on a software fix for this?  [Is there a suggested work around on this for remaining 2022 returns on extension?]

@TaxGuyBill  @mshores  @david3  

The lack of communication from Intuit on this NOL issue is disconcerting to the software users who are keenly aware that this is a big problem with the software.  This is an extremely important issue that needs to be resolved.  What is happening?

[sfane]

It's inconceivable that Proseries doesn't calculate the 80% NOK and thet they hide that fact that the program fails. There is no warning and support staff was unaware of the issue so I wasted close to 1 1/2 hours because support doesn't even have a bulletin telling them of this grave Proseries failure !

Proseries... FIX THIS !!!

[The_AntiTax_Man]

@sfane  I agree with you completely.  What do these folks do all summer?  

@IntuitGabi please provide an update to this NOL issue.  The ProSeries program is failing the NOL computation and carryforward.

@IntuitBettyJo 

[Strongsilence-CPA]

This issue is very important @IntuitGabi 

[taoseno]

Please fix this tax LAW!

[IntuitGabi]

Thanks for the comments, I'll let you know what I learn on this topic. 

[abctax55]

@IntuitGabi .... like that post you just made that "NOL carryforwards can be beneficial" ??  The one we can't respond to??

Most of us tax pro's KNOW that; we want the software to do the 80% calculation... the one required by tax law???

Edit....wow... amazing.... I 'must' have been hallucinating as that post by Gabi is now gone ?

Double Edit.... it's back (or, never left... gremlins in my computer today) :

https://proconnect.intuit.com/community/intuit-tax-advisor/discussion/nol-carryforward/00/270032

[The_AntiTax_Man]

@IntuitGabi  do you have a status update on the ProSeries 1040 software tax module NOL computation worksheets yet?

This absolutely needs to get done for 2023.