Ocean26
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Yes, that is correct! Problem solved, thank you so much!!!
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My client has an S-Corporation for their dental office and an LLC that owns the building. The dental S-Corp pays rent to the LLC, which is considered self-rental. This income should be active and qualify for QBI, not subject to Net Investment Income Tax. However, when I imported K-1 from the LLC into 1040, ATX is placing the K-1 under Schedule E as passive income. Is there a correct way to report the LLC income as active on Schedule E?
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NOL Limitation to 80% of Taxable Income in ATX software
Ocean26 replied to Ocean26's topic in General Chat
Ok, thank you!! -
ATX doesn't automatically limit the NOL deduction, which arose 2022, to 80% of taxable income (before NOL and QBI deductions). Although the total NOL used this year on the NOL Summary correctly calculates the amount to the 80% limitation, on Schedule 1, line 8a, the total NOL carried over appears, and it makes this year's taxable income $0. Should I manually adjust the NOL on Schedule 1, or is there a different way to handle this in the software?
