ProSeries 1045 NOL form

[AZ-Tax]

I see the form 1045 is non final on my current 2008 version. I am trying to generate a NOL so that form 1045 generates automatically. From reading the instructions, it looks like a certain line on a certain form needs to generate a negative number. If so which form and line number is it?

[taxea]

ProSeries 1045 NOL form

You won't be able to do anything until the program forms have been updated. You could check the program help and see whether there are instructions for this form included.taxea

[taxea]

ProSeries 1045 NOL form

PS once you get the final form for 2008 just double click on the 1045. Not everyone gets their NOLs generated this way so you need to fill in the form...it will not bring in the figures automatically.taxea

[AZ-Tax]

Sch C NOL carry back only 2 yrs correct?

If correct then taxpayer has to start with 2006 tax return correct?

[taxea]

ProSeries 1045 NOL form

Check Pub 17...I think you are allowed to go back three years.

You either file 1040X's for each year beginning with the 3rd year back or you file 1045 and the left column would be the third year back. Middle would be second year back and right would be lst year back...if there is enough of an NOL to carryforward three years. Anything left adjusts on 2007 and if you still have some left it goes on 2008. taxea

[Davc]

If correct then taxpayer has to start with 2006 tax return correct?

Correct for most current NOLs