I have to do a NOL carryback for a S corp, I know I have to file the form 1045 Application for a tentative refund, client starting showing a loss in year 2007. Anyone have any experience with this? Any pointers or advice would be appreciated....
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Well, actually, an S-corp would not have an NOL carryback. The loss passes out to the shareholder/s on a K-1. Then the shareholder deals with the loss on their personal return.You have the right to remain silent. Anything you say will be misquoted, then used against you. -
I know that the personal return is the one that is affected and line 40 or 41 on the 1040 is (depending on year of return) is the line that shows the NOL.Comment
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No, the NOL is reported on line 21 of teh 1040.You have the right to remain silent. Anything you say will be misquoted, then used against you.Comment
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I talked to an IRS agent about a few weeks back and he is the one that told me that line 40 or 41 is the line to look at. I am confused any help?????Comment
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Line 21 is where it will end up on next years return. You have to elect the carryforward on this years return. Your tax program next year should show the NOL (this year's) on an NOL worksheet.Originally posted by dor1500 View PostThis post is for discussion purposes only and should be verified with other sources before actual use.
Many times I post additional info on the post, Click on "message board" for updated content.Comment
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