Turbo Tax for Business NOL Not Updated for CARES Act changes

[FGrayski]

My Understanding is that The CARES Act temporarily suspended the 80% limitation on usage of NOL's. Turbo Tax for business does not seem to have been updated for this change. It is still limiting the NOL to 80% of net income. for 2021. Has anyone come across this issue, and if so, what remedy is suggested? 

[Anonymous_]

What type of return are you preparing in TurboTax Business?

NOLs are applicable to individuals, estates, and trusts (and it is not typical for an estate or trust to actually have an NOL).

[FGrayski]

I am preparing a 1120 for a C Corp. 

[Anonymous_]

Was the NOL generated in 2021?

NOLs generated in 2018, 2019 and 2020 are not subject to the 80% limitation.

[FGrayski]

The NOL was generated in 2018 and 2019. Turbo Tax is limiting the NOL from those years to 80% of 2021 income. I cannot find a way in Turbo Tax to suspend the 80% limitation. I am wondering if Turbo Tax is not updated for the CARES Act changes, or is there a button I need to click somewhere. Otherwise, the only solution seems to be an "override" in the NOL carryforward section.  

[Anonymous_]

I believe this issue may have arisen previously, but I am not sure there was any resolution.

You might want to contact Support.

What is the TurboTax phone number? (intuit.com)