Afternoon all and happy & not so happy tax season!
Had a question re: Form 172; I am not the most versed in the world when it comes to the NOL and the 80% rule but I use Proseries and Form 172 isnt exactly an automatic form nor does it populate to the proper sections of the returns and when I compute manually 80% of taxable income before NOL, the form gives me varying results and my NOL is different than I anticipate. If I use the figure from their Form calculations, I then have to override my carryover worksheet to get the #s to populate to Schedule 1 because it always takes the full NOL and creates negative AGI.
Has anyone encountered these issues or am more familiar with the functionality of this form or has specific examples they can chime in and assist with to 1) make sure I am computing the figures correctly and 2) making sure the proper numbers are carried forward to future years. I hate having to override the return figures and Intuit was not even remotely helpful when I brought the issues to their attention.
Any and all assistance is very much appreciated.
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Matthew R. Savello, CPA
Prestige Tax & Accounting, LLC
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