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Tyrone J. Taylor
Tyrone J. Taylor, Enrolled Agent
Category: Tax
Satisfied Customers: 52
Experience:  Owner at Taylor Tax and Financial Consulting
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Need help filling out Idaho Form 56 NOL on 2015 Federal

Customer Question

need help filling out Idaho Form 56 for a NOL on 2015 Federal Taxes
Submitted: 1 year ago.
Category: Tax
Customer: replied 1 year ago.
forms attached
Expert:  Richard replied 1 year ago.

Good morning. My name is ***** ***** I look forward to helping you.

What assistance can I provide you?

Customer: replied 1 year ago.
need help filling out the form 56 attached.
Expert:  Richard replied 1 year ago.

Thanks for following up. Can you provide me all your applicable numbers?

Customer: replied 1 year ago.
I've attached my federal forms..
Expert:  Richard replied 1 year ago.

Thanks for responding. I've just been asked to research various issues for one of my clients and want you to be able to receive a timely response rather than having to wait. Given this, I am going to opt out so another expert can timely provide you the information you seek. Please do not respond to this post as it will only slow the process of such an expert picking up your question. Take care.

Customer: replied 1 year ago.
I've waited now 48 hours and no response..
Expert:  Tyrone J. Taylor replied 1 year ago.

Hello Richard,

I am an Enrolled Agent with 9 years of tax preparation and IRS representation.

To clarify - can you explain what type of assistance you are seeking? We can answer questions about the Form 56, but we are unable to prepare the form for you if that is what you are seeking.

So, if you have a question about the form, I can help you.

Customer: replied 1 year ago.
just need to know how to fill out all the fields.. and it's Tony, not RIchard.
Customer: replied 1 year ago.
dont' know how many years I show on line 1.. or what to put on the other lines. I've posted my federal return here
Expert:  Tyrone J. Taylor replied 1 year ago.


You are going to need your 2014 Idaho Tax return to complete this.

Absorption years are the years you are take the loss. In this case, 2015

Line 1 is going to contain 2014 and 2015.

Line 2 is Line 11 from your Idaho Form 40 (For both years)

Line 3 is the carry forward from any 2014 (For 2015)

Line 4 does not apply because you have no capital losses. (not in 2015, check for 2014)

Line 5 is the Capital Gain Deduction from Idaho Form CG (for both years)

Line 6 does not apply as you did not have a casualty loss (not in 2015, check for 2014)
Line 7 Add up all the amounts for 2014
Line 8 If you have income on Line 2 for 2015, add up 2-6, then subtract the amount form Line 7 from 2014.

I tried to clarify the instructions for you. Let me know if this helps you.

Customer: replied 1 year ago.
still confused.. I filled out according to your instructions and have attached... does that look right? it doesn't say where to carry the final numbers on the Idaho form 40.
Customer: replied 1 year ago.
Expert:  Tyrone J. Taylor replied 1 year ago.

Box 3 under 2015 is your carryover from 2015 as a positive number.

Box 8 under 2015 is 2-6 added up, minus box 7 from 2014. (That represent carry forward)

Under Column 2014 at the bottom NOL available for future years), is the total carry forward from 2014

Under Column 2015 year to year 2014 to 2015 intersecting 2015, is the carry forward again

Under Column 2015 at the bottom is the remaining carry forward after you subtract the two numbers (since it is all used, should be zero.)

Customer: replied 1 year ago.
does this look ok?
Expert:  Tyrone J. Taylor replied 1 year ago.

All the columns in the 2014 tax year should be the same.

Add boxes 2,3 and 5 for 2015. Subtract box 7 for 2014, and that is your total for 2015 box 8.

Customer: replied 1 year ago.
is this one better?? I still don't know if I'm inputting the right numbers BELOW line 8 where it says NOL Application.
Expert:  Tyrone J. Taylor replied 1 year ago.

Looks good. Now, as I have stated, since we can not prepare tax returns through this website, you have to understand this was for informational purposes. To confirm this was prepared 100% correctly, you would have to contact a local tax professional to review this for you.

I hope I have been able to assist you in the best way possible. Good luck, and if you don't mind, please go ahead and rate my answer. Thank you, ***** ***** a great Easter weekend.