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Charitable contribution and NOL

BrianG932
Level 2

I'm preparing a return for a retired widow with social security, interest and IRA income.  Her income fluctuates from year to year depending on IRA withdrawal amounts and this year her income is $11,000 with a standard deduction amount of $14,050.  She gave $70 to a charitable organization, which is being claimed as an adjustment to income on line 10b of the federal return.  The program is calculating an NOL of $70 and is showing an NOL carryover to next year.  Is this correct?  A charitable deduction of up to $300 under the Cares Act can create an NOL in the amount of the charitable deduction if income is below the standard deduction?  Has anyone seen this?

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6 Replies 6
Terry53029
Level 11
Level 11

Why are you filling ? If its only for rebate, don't bother putting the charitable donation,as it will not change anything

Just-Lisa-Now-
Level 15
Level 15

I saw this reported over in the Facebook ProSeries group...so the question is, is it supposed to be a charitable contribution carryover, or an NOL when it can't be used in the current year?


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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sjrcpa
Level 15

It is not an NOL. There is no business loss on the return. You only get an NOL from business losses.


ex-AllStar
Just-Lisa-Now-
Level 15
Level 15
I know the wildfire casualty losses created NOLs for people, is that considered a business loss?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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PATAX
Level 9

SGR I believe is correct ... I also believe you get an NOL for losses from Residential Real Estate ....just my opinion... 

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PATAX
Level 9

Should be sjr not sgr...

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