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How to utilize 100% of 2018 NOL on 2019 tax return?

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Level 2
last updated ‎July 13, 2020 11:47 PM

How do I utilize 100% of 2018 NOL on the 2019 1120 tax return since the CARES ACT repealed the TCJA limitation of 80%?

 

Thank you!

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Employee
Employee
last updated ‎July 13, 2020 11:47 PM

Hello Anthony1s!

Make sure to check the box for "Apply the Coronavirus Aid, Relief, and Economic Security (CARES) Act provisions".

This check box can be found under General > Miscellaneous Information> Miscellaneous > CARES Act

(or by searching for CARES in the search box)



~Intuit Tax Product Specialist


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**Mark the post that answers your question by clicking on "Accept as solution"

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2 Replies 2
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Employee
Employee
last updated ‎July 13, 2020 11:47 PM

Hello Anthony1s!

Make sure to check the box for "Apply the Coronavirus Aid, Relief, and Economic Security (CARES) Act provisions".

This check box can be found under General > Miscellaneous Information> Miscellaneous > CARES Act

(or by searching for CARES in the search box)



~Intuit Tax Product Specialist


**Say "Thanks" by clicking the thumb icon in a post

**Mark the post that answers your question by clicking on "Accept as solution"

View solution in original post

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Level 2
last updated ‎July 13, 2020 11:47 PM

Thanks Ross! To anyone who created the return before Proconnect applied the CARES ACT change to the software, you may need to delete the NOL previously generated as refreshing forms does not update the NOL amount. Deductions > NOL > Regular NOL deduction > NOL Override (delete the amount Proconnect generated).