nol carryback

[oceanlovin'ea]

Does the 1045 for the NOL carryback go with the 2009 tax return? Or does it go in separately?

Linda

[luke]

I have

been EFiling return THEN later mailing 1045...

[oceanlovin'ea]

Thursday

I moved them to come Thursday to pick up their return. So I have a couple days to get it done. Don't like to do something I haven't done in a while under pressure.

Linda

[Possi]

Mail

It goes in the mail separately to the IRS center where a paper return would have been sent.

I got a friend to help me with the 5 yr carry back. I had to override the 5th year totals to get the 50% reduction in there.

I owe my friend big-time...

[oceanlovin'ea]

still not done

I will be ok when I get the first line started I think. But just need to be able to study the instructions a little bit. Wish I had my old HRB textbooks right now.

If it is mailed separately, I will efile their return for this year when they come in today. Then I will tell them the 1045 will be done next week and we will mail it in then.

That will take a little pressure off me for today.

Linda

[taxxcpa]

Carrybacks

I will be ok when I get the first line started I think. But just need to be able to study the instructions a little bit. Wish I had my old HRB textbooks right now.

If it is mailed separately, I will efile their return for this year when they come in today. Then I will tell them the 1045 will be done next week and we will mail it in then.

That will take a little pressure off me for today.

Linda

I always try to carry the NOL forward. Once I forgot to do so and had to spend a lot of time figuring out how to do the Form 1045. Once I goofed and did NOT carry it back, then the client's income dropped drastically and the loss carry-forward was virtually useless.
In all other cases, the carry-forward was just as good as a carry-back.