Randall Posted February 4, 2008 Report Share Posted February 4, 2008 Does anyone know how ATX calculates the used amount of a NOL carried forward. This is for a 1040. On the NOL worksheet, not p. 1, but the 2nd tab, called ln24, NOL, 3rd column. How is this amount calculated by ATX and where is the source? Highlight the cell, it doesn't have a jump to button. I think it just takes a short cut in the process but I'm not sure. That is, don't show any negative on 1040 p. 1 (assuming none is utilized) and then it shows none utilized on this worksheet and the full amount carried forward into the next year. Quote Link to comment Share on other sites More sharing options...
RoyDaleOne Posted February 4, 2008 Report Share Posted February 4, 2008 Maybe you can used From 1045 Schedule A to check the computation. Quote Link to comment Share on other sites More sharing options...
ed_accountant Posted February 4, 2008 Report Share Posted February 4, 2008 I encountered this problem last year. I doubt the 2007 program calculates it correctly. The 2006 program did not calculate NOLs correctly. You may need to calculate manually. Last year, I had to use Lacerte pay per return program to calculate it since I was having issues with calculating it manually.... I am still using two programs. I use ATX for 95% of my individuals and Lacerte pay per returns for all business returns.. Goodluck Thanks Quote Link to comment Share on other sites More sharing options...
Maribeth Posted February 4, 2008 Report Share Posted February 4, 2008 If none of the NOL carryforward is used in the current year, then Line 21 will have nothing on it. Only the amount that is being used should show up on Line 21. The NOL worksheets in ATX have been in the past a good starting point, but you have to know what is and what is not allowed in order to get the worksheets to calcuate correctly. Roydaleone's suggestion to use Schedule A of the 1045 is an excellent suggestion to determine what has been carried forward and used up in the intervening year. Maribeth Quote Link to comment Share on other sites More sharing options...
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