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How do you correct this ref #53656
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Here's wishing you many Happy Returns
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NOL: The program doesn't automate the limitation of post-2017 net operating losses to 80% of taxable income, before taking into account any NOL deduction. You must override the amount of post 2017 NOL carry-forward absorbed this year to it does not exceed the 80% of taxable income limit.
There is no NOL prior to 2019
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I believe you have acknowledged the accuracy of your data and you can therefore ignore the warning. https://proconnect.intuit.com/community/help-articles/help/lacerte-fatal-diagnostics/00/40468
Here's wishing you many Happy Returns
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I have the same diagnostic, but this return (2020) DOES have prior year NOLs that have carried forward from 2018 and 2019. What is this instruction saying to do? Do I take 80% of current year taxable income and reduce the NOL being carried forward to that amount? What if this current year is also a loss? Instruction is fuzzy and I appreciate anyone who can provide clarity.
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Lacerte has a new Diagnostic Lookup Tool
It might lead you to https://proconnect.intuit.com/community/lacerte-diagnostics/53656/ta-p/101823
Here's wishing you many Happy Returns
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Thank you. I tried the diagnostic tool, which just told me "Similar diagnostics already posted" - which is not helpful at all. Your other link to the Community answers makes it a bit more clear - appreciated!