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Angie
Angie, Tax Preparer
Category: Tax
Satisfied Customers: 226
Experience:  Bookkeeping, Profit and Loss, Balance SheetsAll types of US Taxes, Tennessee taxes, Personal, business, payroll, sales tax etc.
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I am self employed and have the following results : Profit

Customer Question

I am self employed and have the following results for 2015:
Profit from Business: $21601.50 resulting in AGI of $21575.50;
Results for the past 3 years are as follows:
2014:
Business Loss: ($7347.26) AGI ($5697.26);
2013:
Business Loss: ($17432.13) AGI ($5405.11);
2012:
Business Loss: ($14799.86) AGI $5664.93.
The question is can I utilize the losses in a carry forward for 2015?
Thank you
Submitted: 1 year ago.
Category: Tax
Expert:  Angie replied 1 year ago.
yes...if your tax program did not automatically carry these amounts over, you will enter the total into the NOL worksheet. This will reduce the amount you have to pay FIT on,but you will still have to pay the self-employment tax of 15.3%
Expert:  Angie replied 1 year ago.
the amount of carryover you have is ($4837.00)
Customer: replied 1 year ago.
Where do I enter this?
Customer: replied 1 year ago.
Are we still connected
Expert:  Angie replied 1 year ago.
Yes...I'm sorry, I was helping someone else. You enter this on line 21 as a negative numberIf your tax program has a net operating loss worksheet, use that and it will place the number in the correct box
Expert:  Angie replied 1 year ago.
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