Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax
This answer was rated:

I have a client with the only Arizona source of income/loss

being his interest in a...
I have a client with the only Arizona source of income/loss being his interest in a Partnership. He had a significant amount of net income from this partnership in 2008, but the Schedule K-1 reflects a large loss for 2009. Unfortunately there is no NOL at the Federal level and everything I am reading implies I cannot carry back the 2009 AZ NOL unless there is also a Federal NOL. Is this correct? It seems like I should be able to do so since all of the 2008 income was from the same entity that now has a NOL, and AZ does allow individual (although not corporate) NOL carrybacks. Thank you in advance for any help you can give me. K Konrad
Show More
Show Less
Ask Your Own Tax Question
Customer reply replied 7 years ago
Relist: No answer yet.
I did not hear a thing since I asked my question, and just figured out how to look at my login page and discovered it was closed. Why would you close a question without at least letting me know you could not or would not answer? I would consider using this website if the service is good. Not convinced yet.
Answered in 4 days by:
10/5/2010
Brenda Guy
Brenda Guy, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 151
Experience: 20 years of working with income and estate tax issues for families and businesses.
Verified

Sorry, I am working on it. It is a complicated question. I think you should be able to but I do not have any authority for you yet.There is nothing on point. However if you go to ITP 99-1 on the AZDOR website you will see a discussion. I think the answer is to amend the return you are carrying back to (I see only 2 years) claiming the carryback of the AZ loss. Since there is no federal 1045 you would need to create a comparable AZ spreadsheet showing the carryback.

This is not a for sure answer. It is just what I would do.



Edited by Brenda Guy on 10/5/2010 at 9:08 PM EST
Ask Your Own Tax Question
Customer reply replied 7 years ago

Thank you Brenda. I am new to this website. If I accept answer, is that it or will you continue to work on it? Because it is complicated, will I be charged an additional fee?

 

Thanks for your help.

 

Kate

Do not accept my answer until you are comfortable with our solution. Once you accept we are done and you owe the fee. We can go back and forth with our discussion until we come to a satisfactory conclusion one way or the other.

The fee does not change no matter what. We can choose just not to continue the discussion.



Edited by Brenda Guy on 10/5/2010 at 9:10 PM EST
Ask Your Own Tax Question
Customer reply replied 7 years ago

OK, I will wait until I hear from you to see if you can find anything more than I could.

 

Thank you.

You are correct. The AZDOR is not very helpful. I think the best answer is found in ITP 99-1. They do not anticipate that there would be a nol for AZ and not for fed. Since the carryback for AZ is by amending the prior year return I would go ahead. I would attach a spreadsheet that calculates the nol similarly to the 1045 calculation.

I am not sure if this really helps. I agree there is truly nothing on point. This is just what I would do.

Brenda Guy
Brenda Guy, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 151
Experience: 20 years of working with income and estate tax issues for families and businesses.
Verified
Brenda Guy and 87 other Tax Specialists are ready to help you
Ask your own question now
Customer reply replied 7 years ago

Thank you Brenda. I have ITP 99-1 and I think Procedure (3)(c) could be read either way. That is what I thought I would do if I could not find anything definite. It can't hurt to try. I guess I just wanted to hear it from another CPA.

 

I appreciate your help and will accept your answer.

Ask Brenda Guy Your Own Question
Brenda Guy
Brenda Guy
Brenda Guy, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 151
151 Satisfied Customers
Experience: 20 years of working with income and estate tax issues for families and businesses.

Brenda Guy is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,300 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,338 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,980 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
If my sole propiertorship makes 50,000 net income. How much
If my sole propiertorship makes 50,000 net income. How much can I contribute to my solo 401k? Max Employee and employer contribution amounts?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Can an LLC (partnership) pay taxes on income and avoid the
Can an LLC (partnership) pay taxes on income and avoid the partners having to pay the taxes?… read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,068 satisfied customers
Penalty for late filing of partnership LLC tax return, not
Penalty for late filing of partnership LLC tax return, not eligible for Rev Proc 84-35 relief because one of the partners is a foriegner… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,797 satisfied customers
EFLA question - net income from EFLA partnership was
EFLA question - net income from EFLA partnership was reported on Line K-1, Line 11 as $50,000 and is made up of interest, cap gains, section 988, expenses, etc. Of that amount, $30,000 is recharacteri… read more
Carter McBride
Carter McBride
LLM
239 satisfied customers
For a ny state partnership tax return, if you file an
For a ny state partnership tax return, if you file an extension but don't pay anything and then end up owing a lot. Do they still recognize the extension or do they charge a failure to pay penalty (fo… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I am trying to figure out the net income from the following
Hi. I am trying to figure out the net income from the following part-time jobs in MARYLAND and then the total net income. If possible, will you please send me how you arrived at the figures (the calcu… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
I received a Schedule K-1 (Form 1041) from my aunt's estate
I received a Schedule K-1 (Form 1041) from my aunt's estate from which I received a distribution. In Part 3, Beneficiary's Share of Current Year Income, Deductions, Credits, and Other Items, there is … read more
Chad EA, CFP ®
Chad EA, CFP ®
IRS Enrolled Agent, CFP(R),
Master\u0027s Degree
1,068 satisfied customers
A Form 1065 partnership return is being prepared for a
A Form 1065 partnership return is being prepared for a partnership whose General Partner is a single member LLC. In the Analysis of Net Income (Loss) section at the top of page 5, is the LLC's portion… read more
taxmanrog
taxmanrog
Master\u0027s Degree
772 satisfied customers
If someone who is self -employed makes $100,000 net income
if someone who is self -employed makes $100,000 net income in NYC how much % age approximately goes in taxes ? ( including nys and nyc taxes)… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,277 satisfied customers
I have a client that receives 2 x Schedule K-1's (Form
I have a client that receives 2 x Schedule K-1's (Form 1120S) – one is a manufacturing company that can claim the Domestic Production Activities Deduction (DPAD) and one is for a business rental prope… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Income from federal return incorrectly transferred to state
income from federal return incorrectly transferred to state return … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,797 satisfied customers
On a Schedule K-1 (Form 1065), under item H there is box for
On a Schedule K-1 (Form 1065), under item H there is box for "Domestic Partner." I just want to confirm the definition of "Domestic Partner" in the context of this form and on what occasion that box w… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,980 satisfied customers
Questions 1 and 2: 1. The amount shown on Schedule K-1 Line
Questions 1 and 2: 1. The amount shown on Schedule K-1 Line 13 Code W Other Deductions represents debt-financed distributions; Section 743 (B). ----> Does this get reported? There is no Code W in t… read more
Matthew Breecher
Matthew Breecher
President
MBA (Graduate Legal Studies)
286 satisfied customers
Is a 1040 US Individual Income Tax Return federal income
Hi Is a 1040 US Individual Income Tax Return federal income taxes owed to the US government? Or is it FICA? I received a letter owing some back taxes and since I'm a priest with a weird set of tax exc… read more
ABC Accounting Group
ABC Accounting Group
Bachelor\u0027s Degree
686 satisfied customers
Schedule K-1 Form 1041: Irrevocal Life Insurance Trust: Tax
Schedule K-1 Form 1041: Irrevocal Life Insurance Trust: Tax asking if I disposed of my entire interest? … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
On schedule K-1 box 14 Code I, it refers to a STMT which
On schedule K-1 box 14 Code I, it refers to a STMT which lists Foreign Receipts and Expenses. Where do I report this? … read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
If an estate received a Schedule K-1 in 2016 but no income
If an estate received a Schedule K-1 in 2016 but no income until 2017, do I file a estate tax return (Form 1041) for 2016 as the personal representative / administrator of the estate?… read more
keeperumiami
keeperumiami
Sr Financial & Tax Consultant
Bachelor\u0027s Degree
1 satisfied customers
I have a schedule K-1 Beneficiary's share of income,
I have a schedule K-1 Beneficiary's share of income, Deductions, Credits, etc. Line 5 shows 31,171, line 14 code E shows 1092, line 14H shows -30186. Do I owe tax on 31171 or just 1092. … read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x