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April 12, 2022
Question

Turbo Tax for Business NOL Not Updated for CARES Act changes

  • April 12, 2022
  • 1 reply
  • 0 views

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? 

1 reply

Employee
April 12, 2022

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).

FGrayskiAuthor
April 12, 2022

I am preparing a 1120 for a C Corp. 

Employee
April 12, 2022

Was the NOL generated in 2021?

 

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