How to get S/E NOL C/Os to offset C/Y S/E Income
New Client with SE Income NOL Carryovers with income in the current year. Where do I enter NOL C/O's to offset SE Income in current year in Proseries?
1
17817
a4Lei4xjmr4laPacwZ5xHE
4 Replies
dhhcpa
Questions asked: 53
Questions answered: 20430
Points earned: 51069
Questions answered: 20430
Points earned: 51069
Accountant Community AllStar
Advisory council of Accountant community power users.
Intuit Moderator
Mod/Co-mod
04/01/11 12:26pm PDT
The solution
A net operating loss can be carried forward to reduce income, but it cannot be used to offset the SE tax on income.
Ohhhh, Faerie Dust!!
abctax55
Questions asked: 19
Questions answered: 2937
Points earned: 8137
Questions answered: 2937
Points earned: 8137
Accountant Community AllStar
Advisory council of Accountant community power users.
04/01/11 12:34pm PDT
There's no such beast as an "S/E" NOL....
For a professional answer you might want to ask this question of a paid support person at Intuit Tech Support (800-434-6818). Those who choose to volunteer on this forum are not compensated or supported by Intuit.
ArchieLeach
Questions asked: 356
Questions answered: 9032
Points earned: 11116
Questions answered: 9032
Points earned: 11116
Accountant Community AllStar
Advisory council of Accountant community power users.
04/01/11 1:52pm PDT
Latest post
This is marked "Solved" but there are conflicting answers. The dog has the best one:
"A net operating loss can be carried forward to reduce income, but it cannot be used to offset the SE tax on income."
Morons. I've got MORONS on my team. Nobody is going to rob us going DOWN the mountain. We have got no MONEY going DOWN the mountain. When we HAVE GOT the money, goin' back UP the mountain, THEN you can sweat.
