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NOL election issue reported over in the Facebook PS group

Just-Lisa-Now-
Level 15
Level 15

I rarely have any NOLs, and I know they made changes last spring with the CARES Act so Im not up to date on whats correct anymore... this was posted in the PS group., can someone confirm is this an issue with the program?

 

2020 election to waive NOL carryback re: 2018 & 2019 per the CARES Act - ProSeries does not provide for this in the NOL election; they only allow for waiving a 2020 NOL. This is a critical issue;

I assume that the election will still be valid if we attach a written election.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Labels (1)
4 Replies 4
sjrcpa
Level 15

I think so.


ex-AllStar
TaxGuyBill
Level 15

I know as of about a month ago that ProSeries did not have the elections to waive the 2018 or 2019 NOLs, but I haven't checked lately.

Yes, the program SHOULD have elections for both 2018 and 2019.  If it doesn't, then it would need to be manually done.

Luigi
Level 1

If the 2018 & 2019 NOL Election needs to be manually done, does that mean that we have to file the tax return manually

Is there a way to electronically attached a PDF statement to an electronically filed return?

Would appreciate any help on this out there

 

 

 

 

0 Cheers
TaxGuyBill
Level 15

Yes, just create you own statement, turn it into a PDF, and attach that PDF as an "other" attachment to the e-file.