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Stephanie B.
Stephanie B., Enrolled Agent
Category: Tax
Satisfied Customers: 556
Experience:  MTax, EA, QuickBooks Proadvisor. Over 15 years accounting and tax experience specializing in individual and small business.
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Hi, I had a large Net Operating Loss several years ago that

Resolved Question:


I had a large Net Operating Loss several years ago that I am carrying forward. I list it as "Other Income" (a negative number), and I can use Form 1045 Schedule A to see how much is left over.

In 2010, for the first time, I am subject to AMT -- and am a bit lost regarding the NOL.

My question is whether I can use the NOL, or if it gets lost since I am subject to AMT? And if it isn't lost, can some be used this year to help offset the AMT (would that be line 11 on the 6251, ATNOLD?), or if not, how does it get carried over to next year?

Thank you for your assistance.
Submitted: 5 years ago.
Category: Tax
Expert:  Stephanie B. replied 5 years ago.

Stephanie B. :

I haven't had to do an ATNOLD in quite sometime, but since your NOL is being added back in for AMT purposes, you are allowed to take a Alternative Tax NOL Deduction. Form 6251 has instructions on how to calculate this number. I suggest reading the instructions for 6251 since it is a bit confusing and complex. The regular tax NOL amount will not be affected so whatever you carryover to 2011 from 2010 for regular tax will be the same method that you have used in the past to figure your carryover. Here is a link to the instructions for Form 6251.

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