Client has a -$61K NOL carryforward. For 2010, $100 interest, $25k pension & $15K SS. Filing single. Factoring in all of this, 2010 -AGI of -$40K (using even numbers close to exact amts just so you get the gist of it).
Would you still enter all Sch A deductions that would exceed the standard deductions? My reason of thinking is what if the IRS went back and declined some or all of the NOL for which I believe is unlikely for I feel pretty comfortable but assuing IRS did, wouldnt it be smart to have all the legtimate deductions entered in the tax return just in case?
Would you still enter all Sch A deductions that would exceed the standard deductions? My reason of thinking is what if the IRS went back and declined some or all of the NOL for which I believe is unlikely for I feel pretty comfortable but assuing IRS did, wouldnt it be smart to have all the legtimate deductions entered in the tax return just in case?
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