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PDtax
PDtax, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 4092
Experience:  35 years tax experience, including four years at a Big 4 firm.
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Can you advise me with a question on NOL carryover for

Customer Question

Hi, can you advise me with a question on NOL carryover for an individual taxpayer?
Submitted: 1 year ago.
Category: Tax
Customer: replied 1 year ago.
Hi I seem to be lost am I chatting with you on NOL carryforwad question
Expert:  PDtax replied 1 year ago.
Hi from just answer. I'mCustomer and can assist. What is your NOL question?
Customer: replied 1 year ago.
Hello, I have a question. I have a file attached for your reference. May I call you on the phone about it?
Expert:  PDtax replied 1 year ago.
Let me review the file first.
Customer: replied 1 year ago.
I think it may help if I describe the question on the phone, and I think you will otherwise find the spread sheet confusing. Because my bd.
Expert:  PDtax replied 1 year ago.
I saw the NOL math, and I saw an error in your application.I'll be glad to discuss, but I'm working on my phone and can't open the spreadsheet and chat at the same time.I also show a payment issue on my end. Please advise.
Customer: replied 1 year ago.
I am so sorry, I'm not sure I can type this up. Is there another tax professional that can talk by phone?
Customer: replied 1 year ago.
What is the payment issue. I put in my credit card, did it not go through?
Customer: replied 1 year ago.
I don't think you need to look at the spreadsheet at the same time as talking to me. Do you mind if I ask are you an expert in the US Tax Returns
Customer: replied 1 year ago.
I just have a question about how to apply the NOL to future years with taxable income. Also, if there is a spreadsheet online that regular people like me can access, perhaps that will help.
Customer: replied 1 year ago.
Hi, are we still chatting, or would it be better for me to check back later?
Customer: replied 1 year ago.
My order history shows I paid $32 for this question.
Expert:  PDtax replied 1 year ago.
Once you requested a phone call, and I accepted, there was a payment issue. Your acceptance did not register on my end.
Once you asked for another expert, and acceptance still did not come through, I did not know what to do for you.
I will ask site mgmt to assist and look into three payment issue. You have to accept my assistance and phone call offer, though.
Customer: replied 1 year ago.
Hi on my side it says the tax professional is unable to call you right now. should I click again on the call me button?
Expert:  PDtax replied 1 year ago.
Good morning. The site people looked into things, and tell me that my acceptance of your phone call offer never went through.
If you could hit the call me button again, I will work with you with a tablet and phone, so I can open your spreadsheet and discuss.
Customer
Customer: replied 1 year ago.
OK, I guess the phone call isn't working. I will try to explain. I feel ok about the calculation of the NOL. I elected to carry it all forward. Where I get confused is in how to apply the NOL the years after the NOL year. For example, do I go into turbotax (what I'm using) and put in enough NOL on the other income that removes the taxable income? And then apply the rest of the remaining NOL to future years? Are there rules about how much of the NOL I must use up per year? I just don't now the process. Can you give me an example, for example, assume I have a 100K NOL from the NOL year 2013, and I have 2014 $50K AGI, and I'm just a regular guy with the following: 2014 $10K IRA Income, 2014: $40K net rental income reported on schedule E. And just say I'm single, and I'm taking the standard deduction in 2014. How much NOL do I apply toward 2014, and how much remains to be carried forward to 2015? Thank You!!
Expert:  PDtax replied 1 year ago.
Hi again.Customerhere.
Turbotax does not typically do the NOL calculation in the retail version of their software, but you report you have an accurate NOL calculation. Enter the total NOL carryover, and the software will report the total amount on 1040, line 36. Expect negative taxable income if your NOL carryforward exceeds the current year income items.
Thanks for asking at Just Answer. Positive feedback is appreciated. I'mCustomer
Customer: replied 1 year ago.
I'm sorry but this doesn't answer my question. My question was very specific.
Expert:  PDtax replied 1 year ago.
OK, I guess the phone call isn't working. I will try to explain. I feel ok about the calculation of the NOL. I elected to carry it all forward. Where I get confused is in how to apply the NOL the years after the NOL year. For example, do I go into turbotax (what I'm using) and put in enough NOL on the other income that removes the taxable income? And then apply the rest of the remaining NOL to future years? Are there rules about how much of the NOL I must use up per year? I just don't now the process. Can you give me an example, for example, assume I have a 100K NOL from the NOL year 2013, and I have 2014 $50K AGI, and I'm just a regular guy with the following: 2014 $10K IRA Income, 2014: $40K net rental income reported on schedule E. And just say I'm single, and I'm taking the standard deduction in 2014. How much NOL do I apply toward 2014, and how much remains to be carried forward to 2015? Thank You!! You carry $100K to your 2014 1040, and report the entire 100K on 1040, line 36. That makes negative adjusted gross income. In your example, you applied $100K NOL to 2014, with $50,000 in income. You will have $50K in unused NOL carryforward for 2015. Thanks for asking at Just Answer. Positive feedback is appreciated. I'mCustomer
Expert:  PDtax replied 1 year ago.
You enter the entire $100K NOL carryforward on the NOL screen, and the software will apply it as my example indicated.

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