it's not a NOL carryforward? usually you get the "red", telling you that an explanation is needed if that's it. Scroll down the forms bar to "Carryover WKS". see if that helps.
Thank you so much for responding. 🙂 The Carryover Worksheet for 2020 shows a NOL available for carry forward. Unfortunately, this worksheet doesn't show what it's for (student loan interest and/or tuition and fees) and the percentage that was allowed? I could only deduce that it's from those two deductions because the client doesn't have a business. I can't find a form or another worksheet where it shows the breakdown. I've looked at the IRS website for insight on NOL that pertains to the above, but that wasn't much help. 😕 The amount for adjusted gross income in 2019 is -5007, but the NOL available for 2020 is 2796? So for the explanation, I have to list all the important facts pertaining to the NOL. ProSeries customer support tried to help, but they couldn't figure it out either. They said best bet is to try here. HELP!!! 😉
Do you have the 2019 in PS? Open the NOL worksheet form - it will show you the math for the NOL carryforward. As for the explanation on the 2020 - here is what I use
20xx Form 1040 NOL carryforward $xxxx
there is no need to give all the details as IRS already has that on the 2019 return
Thank you for the information! 🙂 I do have 2019 ProSeries. I opened the NOL worksheet, but I couldn't find the same dollar amount in the worksheet to match the carryover/forward amount that was transferred to 2020. So confusing. Lol I really want to know where the carry forward is coming from and how this amount was determined. As for now, I am going to go with your explanation!! 🙂 Thank you again for your help!!
Yeah, I think you are trying to make this harder than needed.
I just use "Net Operating Carryforward from FYE 12/31/20XX Federal Form 1040"
used that for years...never an issue.
Thank you again for your reply! 🙂 I really appreciate your feedback. I'm not trying to make it harder. I just want to educate myself and be able to relay pertinent information to my client. I will continue to do research. Thank you! 😉