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Thank you for helping me out. I read the instruction for
Hi James, thank you for helping me out. I read the instruction for form 1045. it says to carryforward, I should file to waive carryback. As I passed the date for filing to waive carryback, does this m… read more
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Taxpayer married filing jointly in 2014 tax return. In year
Taxpayer married filing jointly in 2014 tax return. In year 2017 taxpayer incurred NOL and would like to carryback to loss to 2014. Note that taxpayer filing status is singled in 2017(the couple divor… read more
Dr. Fiona Chen
Dr. Fiona Chen
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Can I amend my 2014 tax to include announcing to carry
Can I amend my 2014 tax to include announcing to carry forward an NOL from that year? … read more
Mark Taylor
Mark Taylor
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I have a client who had a NOL in 2013 and did not file her
I have a client who had a NOL in 2013 and did not file her taxes. Can she file now and waive the 2013 carryback and bring the loss forward against 2014 income. She has not filed 2014 and 2015 either, … read more
DanielleCPA
DanielleCPA
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Stephen,I have an NOL filing question. I have a single
Hi Stephen,I have an NOL filing question. I have a single member LLC who files a ;Schedule C. He has an NOL in 2013 and 2014. I know time has lapsed for filing a 2013 loss carryback. So I plan to file… read more
Stephen G.
Stephen G.
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I HAVE A LARGE LOSS CARRY FORWARD FROM MY Sub S corp. from
i HAVE A LARGE LOSS CARRY FORWARD FROM MY Sub S corp. from 2012 that i am carrying forward from 2013 that was not all used. How do I show that on my 2014 ? Do I provide a K-1 showing the loss that is … read more
Stephen G.
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Please advise..... Taxpayer had a NOL in 2013, but did not
Please advise..... Taxpayer had a NOL in 2013, but did not take the carryback for 2011 and 2012, nor did he elect to waive the carryback. This issue is being identified now, when preparing the 2014 ta… read more
Lev
Lev
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NOL from 2013 carryback to 2011; husband deceased in 2012.
NOL from 2013 carryback to 2011; husband deceased in 2012. Since I can apply the NOL only to the wife's taxable income, there is no benefit to the carryback. Wife's taxable income, figured MFS, is zer… read more
Anne
Anne
Master Tax Preparer
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Estate had a business loss of $79,500 on its final 2013 1041
Estate had a business loss of $79,500 on its final 2013 1041 tax return. Sole beneficiary is the spouse. When the loss is transferred to spouse's 1040, this results in an NOL. Can the spouse's NOL the… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
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I married in late 2013. My new wife has a large 2012 tax loss
I married in late 2013. My new wife has a large 2012 tax loss from a Ponzi scheme investment made before we married. 2014 extension forms were filed. If we file joint tax returns, can I use her tax lo… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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Have an NOL of $26,875. If I carryback the loss to
Have an NOL for 2014 of $26,875. If I carryback the loss to 2012 - it will have no tax effect because although Adjusted gross income is $50,786, taxable income after itemized deductions and exemptions… read more
PDtax
PDtax
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Master's Degree
4,797 satisfied customers
My wife and son are 50% owners of a business since 2010.My
My wife and son are 50% owners of a business since 2010.My wife's share of the business losses 2010-1012 were $$127,474 The loss for 2013 was $186,897 for a total loss 2010-2013 of $314,371 Her at ris… read more
Lane
Lane
JD, MBA, CFP, CRPS
Doctoral Degree
16,649 satisfied customers
PDtax, You may recall that I just filed a 2012 NY Form
HiCustomer You may recall that I just filed a 2012 NY Form CT-3 for a Fed S Corp and reported a Net Operating Loss. Now I am filing the 2013 NY Form CT-3. The 2013 FTI is far in excess of $10,000. A r… read more
PDtax
PDtax
Owner
Master's Degree
4,797 satisfied customers
Lev, I am reviewing a new client's 2013 tax return.
Hi Lev, I am reviewing a new client's 2013 tax return. I have been doing taxes for a little over two years, but there are some basic concepts that I need to get down. I am hoping this case will help. … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,917 satisfied customers
X, a C Corp, had an NOL of (1,000) in 2013 and elected to carryback
X, a C Corp, had an NOL of (1,000) in 2013 and elected to carryback this NOL to 2011 when it had taxable income. In 2012, X had an NOL of (500) and elected to carry forward. (1) Should X show a total … read more
PDtax
PDtax
Owner
Master's Degree
4,797 satisfied customers
. I'm . My question is about sec. 1256 gain/loss from
Hi. I'm Jane. My question is about sec. 1256 gain/loss from forex trade. Every year there is a net sec. 1256 contracts capital loss reported on Sch. D. $-3000 is deducted, the excess loss is carried f… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,917 satisfied customers
Company X, calendar taxpayer, will have an NOL of $200 in 2014.
Company X, calendar taxpayer, will have an NOL of $200 in 2014. Company X will also amend 2012 tax return for a couple tax items. Questions: (1) Can company X file Form 1139 to carryback the $200 NOL … read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
31,917 satisfied customers
The background situation is: when calculating "After Carryback"
The background situation is: when calculating "After Carryback" Adjusted Gross Income within Form 1045 for the purpose of determining the impact of a NOL in a carryback year, the lower AGI results in … read more
taxmanrog
taxmanrog
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