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Net Operating Loss Limitation

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Level 1

I am preparing a return for a taxpayer who had a farm net operating loss generated in 2018, some of which will be carried back to 2016 and 2017 and then the balance carried forward to 2019.  Lacerte does not seem to be applying the 80% taxable income limitation.  Is there a different way to enter the nol or does something need to be marked to have the limitation applied?

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Level 15

 80% limit just got repealed for 2018-2020.


ex-AllStar

View solution in original post

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Level 15

 80% limit just got repealed for 2018-2020.


ex-AllStar

View solution in original post

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Level 15

LOL...  so by NOT fixing it, Lacerte is now doing it correctly.

Why do I think I'm disappearing down a rabbit hole 🤣

Former Chump... umm.... AllStar.
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Level 10

@sjrcpa wrote:

 80% limit just got repealed for 2018-2020.


But didn't a 5-year carryback get plugged back in, retroactively to 2018?  My eyes glazed over with all of the "REIT year" and "965 year" stuff.  I'm glad I don't see these very often.

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Level 12

@rbynaker wrote:


But didn't a 5-year carryback get plugged back in, retroactively to 2018?  My eyes glazed over with all of the "REIT year" and "965 year" stuff.  I'm glad I don't see these very often.


Yep, retroactive to 2018.

I skip over the paragraphs when I see "REIT" and similar stuff like that, and try to find where it starts back into the 'real' stuff.   🙂

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Level 15

Yes 5 year carryback for 2018-2020 NOLs.


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Level 1

Thank you, I had not seen this repeal posted yet.

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