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Get your taxes done using TurboTax
Hi maglib,
Thanks for the quick response. I am aware of the suspension but the 2024 income of around $2,000 is enough to meet the suspension threshold (of $1,000,000) and, as such, I expected the NOL from 2023 to offset some of the $2,000 earned in 2024.
Even if the suspension applied, I will expect to see a CA 541 schedule with the correct NOL from 2023. Like I mentioned in my original message, the Federal 1041 NOL schedule has the correct balances but the CA 541 schedules has no NOL beginning balances or ending balances. I guess I am baffled why TurboTax correctly tracks NOL for Federal return but can't track the NOL balances for California. Am I missing something or am I expected to manually enter the beginning NOL for CA 541 return???