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NOL carry forward not showing on CA 541 return
I am preparing 2024 return for a Special Needs Trust (SNT) and using Turbo Tax Business 2024 (the SNT started in 2023). There were NOLs on a K-1 issued to the SNT in 2023, The SNT did not have any income in 2023 so none of the NOLs were used.
I am starting to prepare the 2024 SNT return and the Federal 1041 shows the correct NOL from 2023 (where it was used to offset 80% of the 2024 income) and the NOL carryforward to 2025 is correct. When I review the California 541 documents, the "Carryover Wks" documents do not show any NOLs. The California income is less than $2,000 and is below the threshold of being able to use NOLs.
Does anyone know why the NOL balance is not correct (whereas the Federal NOL is carrying forward correctly)??
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‎February 10, 2025
8:34 PM