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I have a client that has a frachise business for 15 years. Her business made money in prior years. She had a FEDERAL NOL Loss of about $20,000 in 2019, and $5,000 in 2020. On the CA Adjustments - Residents Schedue CA(540) it is adding the $20,000 carryforward loss from 2019 back as addition. This is all that she had. She had no other taxable income. My understanding is that CA AB85 signed by Newsom 06/29/2020 suspends the use of NOLs for tax years beginning 2020,2021 and 2021 but only for individuals and corporations that have over $1M in taxable income.
This client clearly does not have taxable income. Why is it adding the $20,000 carryforward loss from 2019 back on CA?
Thank you for any clarification.
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You have to basically use your own tax knowledge on State returns while using Proseries. They really do not support state returns and forms as well as Federal.
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I agree with JRC... You may want to go on the State Department of Revenue website , and check this forum for similar posts ...... I'm sure you'll be able to figure it out, since as you know, your name, Sofia, means Wisdom... Good luck ... Just my opinion
