Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

critical diagnostic ref #53656

darlene
Level 1

How do you correct this ref #53656

 

Labels (1)
0 Cheers
6 Replies 6
George4Tacks
Level 15
We do not have a reference guide for diagnostic codes. Give the text of the diagnostic and we might be able to help.

ex-AllStar
0 Cheers
MELLINGCPA
Level 1

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

0 Cheers
George4Tacks
Level 15

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

 


ex-AllStar
0 Cheers
loki
Level 1

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.

0 Cheers
George4Tacks
Level 15
0 Cheers
loki
Level 1

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!

0 Cheers