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Found 12 results

  1. I picked up a new client with Schedule C loss carryovers. How can I get this into the return software?
  2. Folks, a client of mine had NOL losses every year for 2008 et seq. which were not claimed on LIne 21 of Form 1040 each year. I am preparing 1040Xs for 2015 (the earliest year permissible) to 2017 to correct the omission. Statements of waiver of the carryback were filed each year with the original 1040s as required. Is it permissible to include the aggregate of the NOLs for 2008 to 2014 (with an explanatory note regarding the NOLs for each year) on the 2015 Form 1040 X ? Any assistance with this would be gratefully appreciated.
  3. I have a new client who has NOL from a Sole Proprietorship. If I just want to display the carryover loss from previous year and not take the deduction for it (because the client is expecting to have loss this year as well) where do I display that info? I am using ATX. Thanks.
  4. Help! I cannot for the life of me figure out how to enter the prior years' NOL amounts on the Georgia 500-NOL for personal tax returns. The state allows a 15 year carryforward of NOLs, but requires a 500-NOL to be attached to the return for the current year. There must also be a reconciliation of the prior years' carryforward, and the utilization of prior year NOLs. Not only can't I see this functionality within the software, I can't find anything like the federal "Tax Sum / Carry" form for the state returns. Anybody know how to find these? Thanks!
  5. One year ago, a profitable C Corp, had an unusual $5000 loss. At the time, it was considered uncharacteristic, and the company would return to profitability. So the corp elected to roll FORWARD the loss instead of backward. It is my understanding that when this is done, the election is irrevocable. Another year has passed, and the 100% owner has had an epiphany of some sort, wants to do something different with the rest of his life, and has decided to abandon the corporation, drawing out his earnings over a period of time. So the last year has passed, and there was another loss, this one for $3500. The amount showing on the face of the 1040 (line 29) is $8500. We would like to carry back this amount two years. I had thought all we could carry back was $3500. Am I correct? If so, is my software putting the wrong amount in the NOL?
  6. New one on me. Client has an NOL carryforward from a prior year that is used up this year. When I create the e-file, I get a red error stating an NOL explanation statement must be completed when and NOL carryforward is present? So when I click on the red error,it takes me to the statement. What the HECK am I supposed to explain? They have a carryforward from a prior year and are using it in this year to offset income. I am thinking of putting "Take a look at line 21." Is this something new? I cannot ever remember seeing this before? Anyone have some verbage that the IRS is expecting to see on that explanation statement. Thanks Tom Lodi, CA
  7. I have tried to e-file a 1040 that has net operating losses from prior years and carryforwards to subsequent years. The program requires that an "NOL statement" be completed in order to e-file. I am not sure why this is required. What kind of info needs to be stated?
  8. Alright, the upgrade is finished, but there are still some broken things that I'm taking care of. You'll notice that some people's avatars are busted, that's first on my list to correct. If you notice anything that seems out of place, please mention it here! Some of the new features aren't enabled yet, as I'm still configuring them. I'm adding a tagging system soon. I'm going to add all of the state abbreviations as tags that can be associated with topics, but I'm looking to you folks to provide me with more tags that would be useful, such as tax terms (NOL, EFILE, AMT, etc) so please list those here as well, especially terms shorter than the minimum 4 characters that are allowed in the search.
  9. I am preparing TP's 2003 - 2006 tax returns. TP was single until 2005. Her Husband filed MFS for 2005 - 2007. TP had no income in 2007. TP filed MFJ with husband in 2008 - 2010. TP has a $150K NOL carryforward from 2006. Since she had no income in 2007, I am planning to amend the MFJ tax returns for 2008 going forward, to take the NOL carryforward. Can the NOL carryforward be taken from 2008 going forward since the TP had no income in 2007 and since her husband filed MFS in 2007? Or does the H&W need to amend the H's 2007 MFS tax return and file MFJ and take the NOL beginning in 2007? Thanks.
  10. joe


    A NOL incurred on the taxpayer's 2010 Form 1040. Am I correct in thinking I can only carry it back two years (2008) not 5 years?
  11. 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.
  12. I have a new client that had an NOL last year. She (or her previous tax preparer) elected to forgo the carryback. I'm not sure the proper way to bring this into the 2008 TaxWise program. I added a 1045 and entered the NOL amount in the blank near the top of the Schedule B page. On the 1040, line 21, I linked from the "Type" line to a scratch pad and entered "2007 NOL carryforward" and the amount. Is this the proper place to put it? The red instructions mention NOL statements and a place to manually enter an amount (which actually tells you to manually enter on the statement). I'm not sure where this statement is. Where do I need to enter info, and where will the software carry it? Even though I have the basic info on 1045 Schedule B, it looks like I may have to do some manual calculations. (Not sure, I haven't verified all entries yet.) Thanks
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