Common questions for NOLs in ProSeries
by Intuit• Updated 2 months ago
ProSeries Professional has a Net Operating Loss Worksheet that completes automatically based on entries in the return. ProSeries Basic 2021 and prior doesn't support the Net Operating Loss Worksheet. ProSeries Basic 2022 now includes the Net Operating Loss Worksheet.
For most taxpayers, NOLs arising in tax years ending after 2020 can only be carried forward. See Net operating losses for more information.
Viewing a current year NOL:
- Press F6 to bring up Open Forms.
- Type NOL and select OK to open the Net Operating Loss worksheet.
- Any available NOL will show on line 24.
Entering an NOL carryover for a new client:
If you are entering a new client return and they have an NOL from a prior year:
- Press F6 to bring up Open Forms.
- Type CO and select OK to open the Federal Carryover Worksheet.
- Scroll down to line 14.
- Enter any regular NOL on line 14a in the 2022column.
- Enter any AMN NOL on line 14b in the 2022 column.
Viewing the NOL amount that will carryover to next year:
When an NOL has been carried forward from a prior year, and there's a positive adjusted gross income in the current year, the NOL carryforward is used to reduce current year income. If all of the NOL carryforward isn't used in the current year, the remainder is carried forward to the next year. To see the carryforward amount:
- Press F6 to bring up Open Forms.
- Type CO and select OK to open the Federal Carryover Worksheet.
- Scroll down to line 14.
- The regular NOL carryforward will show on line 14a in the 2023 column.
- The AMT NOL carryforward will show on line 14a in the 2023 column.
Running a query for NOL clients
ProSeries Professional has a Client Analyzer Query that can help you identify clients incurred a Net Operating Loss in 2021. To run the query:
- Go to the HomeBase.
- In the HomeBase view drop down menu, select Client Analyzer Queries.
- Under 1) Select Return Type select 1040 Individual.
- Under 2) Select Query scroll down to Net Operating Loss.
- Select the Go button to run the query.
- If any clients are password protected you'll be prompted to enter the password to include them in the query. Clicking Cancel on the password field will skip the password protected return.
- Once the list is populated you can:
- Open any client from this list by double clicking on the row.
- Print this list by going to the HomeBase menu, and selecting Print HomeBase.
- Export the list by going to the HomeBase menu, and selecting Export View.
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