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Old 03-24-2016, 12:22 PM
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Need NOL clarifications?only Carry forward and no Carry back

I have used turbo tax and it has sent in the ?Notice to forego carry back? for tax years 2013, 2014. I am now filing for Tax year 2015 and will carry forward yet another NOL for this year. I have just learned of Form 1045(sch A) and I prepared these forms to determine the NOL for 2013, 2014, and 2015. I have never filed these forms for any of the NOL years but plan on taking an NOL deduction in tax year 2016.

Am I ready for tax year 2016 or should I have filed form 1045(sch A) for each of the previous NOL years?

I do not have a worksheet to keep track of the cumulative NOLs for 2013, 2014, 2015. Is there a form or worksheet where I should keep track of this as well as any portion ?used-up? NOLs which will happen in 2016 tax year?



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Old 03-25-2016, 12:20 AM
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Am I ready for tax year 2016 or should I have filed form 1045(sch A) for each of the previous NOL years?========>no; Form 1045 is used for a quick tax refund resulting from the carryback of a nol; You must file Form 1045 no later than one year after the NOL year; say You have an NOL for 2015 ,the NOL year,
you're a calendar year taxpayer ,Jan. 1 through Dec 31;you must file Form 1045 no later than Dec 31, 2016
?





I do not have a worksheet to keep track of the cumulative NOLs for 2013, 2014, 2015. Is there a form or worksheet where I should keep track of this as well as any portion ?used-up? NOLs which will happen in 2016 tax year?=====>as your NOL deduction includes amounts for more 3 loss years, you need to complete nol worksheet only for one loss year
To determine which year, you need to start with your earliest NOL and subtract each NOL separately from your taxable income figured without the NOL deductionn and Complete this worksheet for the earliest NOL that results in your having taxable income below zero. Your NOL carryover to 2015 is the total of the amount on line 10 of the worksheet and all later NOL amounts



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Old 03-25-2016, 11:08 AM
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farmer56

Thanks for the help but I an still unclear about:

1) I never filed a 1045(sch. A) for any NOL year. Does that mean it is too late to carry forward the NOL for 2013 and 2014 even though I did file a timely Notice to Forego Carryback for each of these years?

2) Can you give me the specific form/worksheet name on which to keep track of these cumulative NOLs and the first NOL deduction I wish to take in 2016 tax year?



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Old 03-25-2016, 11:35 AM
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Quote:
Originally Posted by farmer56 View Post
Thanks for the help but I an still unclear about:

1) I never filed a 1045(sch. A) for any NOL year. Does that mean it is too late to carry forward the NOL for 2013 and 2014 even though I did file a timely Notice to Forego Carryback for each of these years?

2) Can you give me the specific form/worksheet name on which to keep track of these cumulative NOLs and the first NOL deduction I wish to take in 2016 tax year?
1) as said yes
2) https://www.irs.gov/pub/irs-pdf/p536.pdf.
on page 7Worksheet Instructions
io guess you can use tax software nol w/s



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