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
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.