blady

Ok, thanks, kcjenkins and Maribeth! Both of you were a great help. My problem was with the Schedule D losses. All I had to do was pull up the NOL Worksheet for each year and it was right there. I have it all straightened out now. I was confused as to where to report the carryforward loss from 2003, I thought ALL losses were reported on the Schedule D. But once I realized the NOL is worked out on the NOL Worksheet, with your help, it all fell into place. Thank you!

I need some help, please! I have a client that brought me his 2003, 2004 and 2005 tax information so I could prepare those returns. My problem is that he has a Schedule C loss of $21,783.00 giving him an NOL on his 2003 return. I am trying to figure out how or even if I can show this as an NOL carryforward on the 2003 return and have it automatically show up on his 2004 and future returns until the loss is used up. He had wage income in 2003 of $5577.00 so aren't you limited to the wage income as far as losses on the 1040 line 12 and then put the remaining loss of $16206.00 from the Schedule C on the Schedule D so it will carryforward? How do you do this in the program? Also what specific deductions are allowed on the 2005 return in regards to Hurricane Katrina and Rita? He ownes a house in Beaumont, TX. I have not had ANY experience dealing with this issue for any other clients. I do not want to have to try to amend these returns later if I don't report all the legal deductions he is entitled to now, because I couldn't figure out how to find theses things in the program. Thank you in advance for any and all help I can get with these matters.