Welcome back! Ask questions, get answers, and join our large community of tax professionals.
- Topics
- Training
- Community
- Product Help
- Industry Discussions
- User Groups
- Discover
- Resources
Turn on suggestions
Auto-suggest helps you quickly narrow down your search results by suggesting possible matches as you type.
Showing results for
- Intuit Accountants Community
- :
- ProSeries Tax
- :
- ProSeries Tax Discussions
- :
- 2020 Proseries contribution on page 1 with no taxable income creates an NOL
2020 Proseries contribution on page 1 with no taxable income creates an NOL
Options
- Mark Topic as New
- Mark Topic as Read
- Float this Topic for Current User
- Bookmark
- Subscribe
- Printer Friendly Page
vscpanm
Level 5
02-15-2021
04:41 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
I have a client who has income but no taxable income. I entered contributions on Sch A (can't itemize). Contributions feed to page 1 box 10a and you must enter the amount you want to appear on page 1 of 1040 in box 10b, max of $300. Because this client has no taxable income, Proseries calculated an NOL carryover to 2021, instead of a contribution carryover. The instructions say carried over contributions do not qualify for the page 1 deduction, so i'm thinking this has something to do with it. However, i think i should be able to carryover the contribution and not have to claim it on page 1. I cannot enter 0 as an amount on the 1040 page 1 contribution box 10b as it gives an error. Anyone seen this yet?
Labels
This discussion has been locked.
No new contributions can be made. You may start a new discussion
here
1 Comment 1
qbteachmt
Level 15
02-15-2021
04:56 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Someone else reported and resolved the NOL issue, here:
Are you trying to carry forward the Above The Line deduction of $300?
*******************************
"Level Up" is a gaming function, not a real life function.
"Level Up" is a gaming function, not a real life function.
