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NOL Carryforward for Individuals - HELP

Situation:  I have a client that ran a trucking business for a number of years and in 2022 exited the business due to the economy.  Once calculated, he has a $19k NOL Carryforward.  During the time of trucking, he was single.  In 2023 he got married and now will be filing jointly.  In 2023 he worked only W-2 jobs.

According to 536, he can only claim 80% of the excess of taxable income computed without regards to the NOL.  What does the publication mean by "excess"?  I also understand that this computation can only be done on his income. not joint. 
I just need help with this computation.  Also, what is appropriate to attach as a statement that shows the facts of this NOL?

Thank you so very much, in advance, for anyone's help.

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5 Replies

NOL Carryforward for Individuals - HELP

It's the amount that exceeds taxable income after having been zeroed out. There's a good explanation and graphic at the site below.

 

See https://www.ksmcpa.com/insights/80-nol-limitation-the-new-paradigm

NOL Carryforward for Individuals - HELP

Note that TurboTax isn't licensed for commercial use (i.e., instances where you prepare returns for clients).

NOL Carryforward for Individuals - HELP

@12rer4w6w7eyuhti989tydggher644er Yes, I understand.  I do use ProSeries but I am trying to guide my client on how to do it on their own without stepping out of bounds with my tax preparer obligations.  I need to understand the mechanics behind it myself before I go and try to explain it to anyone else.

Thank you for your help.

NOL Carryforward for Individuals - HELP

I understand, but you know they have a forum, right?

 

Home - Intuit Accountants Community

 

 

NOL Carryforward for Individuals - HELP

I had no clue.  Thank you!

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