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- Does the 2020 unemployment income exclusion reduce your NOLCO for Michigan
Does the 2020 unemployment income exclusion reduce your NOLCO for Michigan
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jskouberdis
Level 4
12-14-2021
09:59 AM
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My client has a Net Operating Loss Carryover for 2020. On the federal worksheet for the NOL they add back the unemployment exclusion for 2020 thus reducing his NOL. That seems like a correct treatment for the federal but I cannot find any instructions for Michigan regarding the treatment of the unemployment exclusion for NOL purposes. My feeling is that they would handle it the same way as the federal since they include all unemployment as household income when calculating the property tax credit. Has anybody had any experience with this.
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PATAX
Level 15
12-14-2021
12:03 PM
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That's a good question ... ProSeries does a good job for federal NOL, but you're asking about the state... There is no NOL in Pennsylvania, so I'm not sure how that's going to work for you in Michigan.... I would wait and see what the software does, and then maybe by that time there will be clarification from the state...
