2018 NOL CARRYFORWARD BLOCKS 1040 EFILE

[Lee B]

Apparently the IRS has not made available the worksheet needed  to calculate an NOL Carryforward from 2018.

 

[Lee B]

According to Drake support, the IRS has not announced any ETA for this worksheet.

[Lee B]

According to Drake Support, there is still no ETA for the 2021 Pub 536 and the required worksheets that calculate

the deductible amount of the NOL Operating Loss Carry Forward.

[JRS]

Last year it came out in mid March.  Holding three returns.

[TaxmannEA]

I just checked 4 returns that were waiting on this and they were ready to file. I think that Drake got it on the update this morning.  I haven't tried ATX yet.

[Lee B]

20 minutes ago, TaxmannEA said:

I just checked 4 returns that were waiting on this and they were ready to file. I think that Drake got it on the update this morning.  I haven't tried ATX yet.

Perhaps, you are referring to a different worksheet, because when I updated Drake this morning, it still wasn't there.

So I called Drake Support and they are still waiting for the IRS to release the 2021 version of Pub 536 and the NOL Carryforward Worksheets.

[JRS]

I checked my returns that been held and they show ready to efile.  In the "view/print" screen in messages the following note is shown:

495 NOL CARRYFORWARD WORKSHEET: The IRS has not yet released Publication
536 for the 2021 tax year; therefore, the NOL carryforward from 2021
to 2022 has been calculated based on last year's version of the
worksheet (WK_NOLCO) and may not be accurate. As soon as the IRS
releases the 2021 version of the NOL worksheet, it will be added to
Drake Tax. Returns completed prior to the release of the 2021
worksheet should be recalculated at that time.
 

[BulldogTom]

I don't have this issue, but I think it is fascinating how each software is handling it.   Not sure who is right.

Tom
Longview, TX

[Lee B]

20 minutes ago, JRS said:

I checked my returns that been held and they show ready to efile.  In the "view/print" screen in messages the following note is shown:

495 NOL CARRYFORWARD WORKSHEET: The IRS has not yet released Publication
536 for the 2021 tax year; therefore, the NOL carryforward from 2021
to 2022 has been calculated based on last year's version of the
worksheet (WK_NOLCO) and may not be accurate. As soon as the IRS
releases the 2021 version of the NOL worksheet, it will be added to
Drake Tax. Returns completed prior to the release of the 2021
worksheet should be recalculated at that time.
 

I looked at my return again and now I have the same message. My client's NOL Carryforward is large enough that there is no Federal Income Tax due but there is state income tax due. My client does have SE tax due to his Schedule C Income.  If the amount of the NOL deducted  this year changes when the worksheet is updated then my client's state tax will change.

Therefore I will put this return on the back burner until the 2021 version of the worksheet is available.