Line 10b $300 Charitable Deductions creating NOL - TMI Message Board

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Gretel

Senior Member

Join Date: Jun 2005

Posts: 4008
#1

Line 10b $300 Charitable Deductions creating NOL

02-28-2021, 07:55 PM

I believe my software (ProSeries) is goofing. Client has $20,000 pension income and $300 charitable deduction, after standard deduction negative taxable income is $7,700. ProSeries calculates a $300 NOL - who is nuts?
Tags: None
Kram BergGold

Senior Member

Join Date: Jun 2006

Posts: 2112
#2

02-28-2021, 08:02 PM

The software is obviously wrong. Charitable contributions do not cause NOL's.
Comment
TaxGuyBill

Senior Member

Join Date: Oct 2013

Posts: 2324
#3

02-28-2021, 09:03 PM

Yeah, there have been several people that have noticed that error in ProSeries.
Comment
ruthc

Senior Member

Join Date: Jan 2012

Posts: 433
#4

03-01-2021, 08:38 AM

I have the exact same situation as Gretel. I use TaxAct and the same is happening.
Comment
ruthc

Senior Member

Join Date: Jan 2012

Posts: 433
#5

03-02-2021, 08:09 AM

Has anyone else with other software encountered this problem or resolution? I'm trying to connect TaxAct now on it.
Comment
Twin Turbo Z

Senior Member

Join Date: Feb 2014

Posts: 373
#6

03-02-2021, 03:26 PM

Works fine here. Proseries user.
Comment
dtlee

Senior Member

Join Date: Oct 2005

Posts: 807
#7

03-04-2021, 09:14 PM

Did not see this in Drake.

Doug
Comment
ruthc

Senior Member

Join Date: Jan 2012

Posts: 433
#8

03-05-2021, 08:32 AM

Mine is fine now.
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