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Old 07-03-2014, 02:56 PM
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NOL - large amount from 2007

I got divorced in 2009 and did not know that we had a large NOL carry forward from 2007. It was not on our 2009 tax return. I saw my ex-husbands tax return for 2012 and the NOL was listed. My ex must have amended the past tax return. What can I do at this point, is it too late to amend my 2007 tax return even though I was not aware of the NOL? Thank you for your help



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Old 07-03-2014, 05:01 PM
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Originally Posted by Sheryllynnj View Post


#1;I got divorced in 2009 and did not know that we had a large NOL carry forward from 2007. It was not on our 2009 tax return.



#2; I saw my ex-husbands tax return for 2012 and the NOL was listed. My ex must have amended the past tax return. What can I do at this point, is it too late to amend my 2007 tax return even though I was not aware of the NOL? Thank you for your help
#1;Correct the nol was c/f by him from 2007 instead of being c/b to his 2012 return. Yo can carry the amount forward for the next 20 years and apply it against any taxable income, which reduces the amount of taxable income in those years. After 20 years, any remaining NOL is cancelled.

#2;As you had a NOL in 2007, you could carry back the NOL to 2005/2006 by amending the 2005/2006 tax return(s). However, you couldn’t this, since the NOL for 2007 isn't up until 4/15/2011, so all is lost. You have 3 years from the date that the 2008 return is filed (including extensions)or 2 years from the time the tax was paid, whichever of such periods expires later to file an amended return to carryback the NOL UNLESS you elected to carry if forward instead of carrying it back.you Cannot carry it forward if not elected on original return , and since you don't amend 05 & 06 you lose it unless you can prove you have a carryover from 05 to 06and from 06 to 08.



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Old 07-03-2014, 10:22 PM
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[quote=Wnhough;18458]#1;Correct the nol was c/f by him from 2007 instead of being c/b to his 2012 return. Yo can carry the amount forward for the next 20 years and apply it against any taxable income, which reduces the amount of taxable income in those years. After 20 years, any remaining NOL is cancelled.

#2;As you had a NOL in 2007, you could carry back the NOL to 2005/2006 by amending the 2005/2006 tax return(s). However, you couldn’t this, since the NOL for 2007 isn't up until 4/15/2011, so all is lost. You have 3 years from the date that the 2008 return is filed (including extensions)or 2 years from the time the tax was paid, whichever of such periods expires later to file an amended return to carryback the NOL UNLESS you elected to carry if forward instead of carrying it back.you Cannot carry it forward if not elected on original return , and since you don't amend 05 & 06 you lose it unless you can prove you have a carryover from 05 to 06and from 06 to 08.[/QUOT

Update- I actually found the NOL carry forward on our last joint return 2009. But I did not include the carry forward on my 2010, do I need to amend my 2010, I know I filed late on extension so I think I still could amend? And then amend 2011, 2012 & 2013. Or because it's a c/f I don't need to amend? Thank you in advance for your assistance.



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Old 07-03-2014, 10:50 PM
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[quote=Sheryllynnj;

Update- I actually found the NOL carry forward on our last joint return 2009. But I did not include the carry forward on my 2010, do I need to amend my 2010, I know I filed late on extension so I think I still could amend? And then amend 2011, 2012 & 2013. Or because it's a c/f I don't need to amend? Thank you in advance for your assistance.[/QUOTE]

Correct aslongas you c/f NOL to 2011/12/13 you can file 1040X forms to claim the NOL;however, If you file all of the forms yourself, you do not have pay. If you hire someone else to fill them out and file, you will be responsible for paying their fees; as far as your refunds, you would only pay whatever was owed on the amended returns. If the amended returns still leave you with a refund balance, you would receive that. You cannot file a Form 1040X electronically. As a result, it is usually sent by mail.



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