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AMT NOL CB


schirallicpa

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I have a client who has a NOL this year (2008) and I am electing to carryback (I think) hoping to get some tax money back for her.

IN 2006 she paid AMT tax. Her income tax was 20K, her AMT was 3K, total tax was 23K.

I plug in my regular carryback of NOL on line 21. It didn't do much good, because AMT just went up. So, I find my AMT NOL worksheet, and make sure its okay so I can carryback my AMT NOL.

But how?

On the 2006 6251 on the NOL line 11, it says to put the NOL from 1040 line 21. I don't see where the AMT NOL is used.

Has anyone else monkeyed with this stuff before? I guess I've never had a NOL CB when there is AMT before.

Thanks for any help.

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I have a client who has a NOL this year (2008) and I am electing to carryback (I think) hoping to get some tax money back for her.

IN 2006 she paid AMT tax. Her income tax was 20K, her AMT was 3K, total tax was 23K.

I plug in my regular carryback of NOL on line 21. It didn't do much good, because AMT just went up. So, I find my AMT NOL worksheet, and make sure its okay so I can carryback my AMT NOL.

But how?

On the 2006 6251 on the NOL line 11, it says to put the NOL from 1040 line 21. I don't see where the AMT NOL is used.

Has anyone else monkeyed with this stuff before? I guess I've never had a NOL CB when there is AMT before.

Thanks for any help.

Towards the bottom of the 6251 is a line for you to put the AMT NOL amount in.

Maribeth

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schirallicpa

I guess I am confused. My understanding is that one uses the form 1045 to carry back the NOL.

That is correct, you use the 1045 to carryback an NOL if you are still within the 12 months after the end of the NOL year.

However, once you carry back the NOL, you must recalculate the tax in that year after the carryback. If you were in AMT in the carryback year, you may still be in AMT after the carryback.

Maribeth

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