For most taxpayers, NOLs arising in tax years ending after 2020 can only be carried forward. See Net operating losses for more information.
Follow these steps to enter an NOL carryover in the Corporate module:
- Go to Screen 23, Net Operating Losses.
- Scroll down to the Net Operating Loss Carryovers section.
- Under the Net Operating Loss column, enter the amount in the field for the year the loss was incurred.
- Repeat step 3 for each year a loss was incurred.
- Hold down Ctrl+E in the year the NOL was incurred in the Utilizations (enter year and amount) column.
- You need to enter utilizations in the same year they were incurred for Lacerte to correctly calculate the NOL carryover for the current year.
- Enter the amount utilized in the Amount column.
- Enter the year the amount was actually used in the Description column.
- Repeat steps 5–7 for each utilization.
The information you enter will print on a statement on Form 1120, line 29a and reflect any amount of NOL available to be used in the current year. Any current NOL carryover and utilization will proforma to the next tax year.