ProSeries Tax Idea Exchange

You may need to override the 80% thing.  It is doubtful that Intuit will fix this anytime soon.

I'm not sure if PS is working correctly or not. However, the year of the NOL may be playing a part here.

In what year was the NOL created? Makes a big difference as to whether the 80% rule applies. NOLs prior to 2018 are still allowed in full.

So, I can't tell you if PS is set up correctly or not but pay attention to what year the NOL is from.

Good point, I missed that this was a carryforward NOL.

ProConnect is still applying 100% of 2018 NOLs as of today, generating a critical diagnostic, then forcing us to manually calc 2021 NOL absorbed, yet then screws up the NOL statement. Call ProConnect and no one understands. 

This is maddening Intuit. Fix this please.

Has anyone figured a way to incorporate the 80% NOL limitation for 2021 in the PS program?

Client has a 2020 NOL carryforward and an NOL in 2021. Are both year NOLs limited to 80% of taxable income before the NOL amounts? 

How do we report this within PS so that there are no errors or e-file issues?

Seriously - this shouldn't even be something we have to vote on. It's a rule not a preference.  Just code it please!

"1040 NOL rule is not supported by ProSeries for 2021"

I think you mean that tax LAW is not supported by ProSeries, which is unbelievable that the software INTENTIONALLY calculates it incorrectly.

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

@IntuitGabi what is the status of the Intuit ProSeries update regarding the 2019, 2020, & 2021 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 2021 returns on extension?]

@TaxGuyBill  @mshores  @david3  

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.

@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 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?

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 !!!

@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 

This issue is very important @IntuitGabi 

Please fix this tax LAW!

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

@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

@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.

Just awful that Proseries doesn’t fix this 

immediately 

@IntuitGabiU  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.

Thank you for the update @IntuitGabi 

The wheel has already been created in the 1120 module.

@IntuitGabi  Just checking in to see if you are still with us and still responding to us here in this space?

What has been fixed and what has been improved in PS23? 

I know our PS22 list was long this past year, but we have been very, very nice in the past year.

Hi @The_AntiTax_Man. The recent status still rings true. If I hear anything related to this within tax season, I'll be sure to update you. I'll pass on your sentiments and thank you for additional information as well! 

Thank you @IntuitGabi  Glad you are still here.  

The Georgia return has a worksheet that calculates the 80% limitation so why can't Intuit do the same on the federal return?  This really is a nightmare to override the NOL numbers and track what the actual carryforward is as compared to the NOL worksheet.  UGH!!!!!!

Revive this post!

Just horrible that Proseries doesn't want to fix this NOW