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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 577
Experience:  10 years experience
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We have a client that has a $900,000 + AGI loss in 2015 and

Customer Question

we have a client that has a $900,000 + AGI loss in 2015 and we want to carryback that
to 2013 when a bunch of tax was paid.
Can you help us.
IRS says we didn't do the 1045 form correctly and where if any place does the amt come in place.
Submitted: 2 months ago.
Category: Tax
Expert:  Mark Taylor replied 2 months ago.

Hi, my name is Mark. I will be happy to help you with your questions.

Expert:  Mark Taylor replied 2 months ago.

What did the IRS notice say?

Customer: replied 2 months ago.
34;you are using an incorrect form 1045 for the period 2015"
please provide supporting documentation with your corrected form 1045 and form 1045B: the 2015 form 6251. the AMTNOL calculation, the after carryback 2013 and 14 forms 1040 pages 1 and 2 and forms 6251 with the NOL and amtnol amounts properly applied.we particularly need if alt min tax applies to the carryback years
Customer: replied 2 months ago.
after the NOL has been applied to 13 and then to 14.
Expert:  Mark Taylor replied 2 months ago.

What did you include with the 1045 submission?

Customer: replied 2 months ago.
We gave them the 1045 with schedule A and B with pulled from our software program.Our concern, again, is how does AMT apply to carryback years.
Expert:  Mark Taylor replied 2 months ago.

The Alternative Tax NOL is limited to 90% of Alternative Minimum taxable income without regard to deductions under section 199. If applying 90% of the ATNOL results in AMT still being applied for 2013 you would be able to claim a minimum tax credit in the following year.