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NOL carryback on late filed 2011 return?

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    #1

    NOL carryback on late filed 2011 return?

    My military client did not file 2011. I am doing 2011 and 2012 and this gets confusing.

    For 2011, it's a regular tax return. Taxable income, tax, getting a small refund.

    For 2012, she was deployed and only $20 of her W2 is taxable... a few hundred in dividend income. She is getting all of her withholding back, no tax liability...

    BUT, she has a rental property that is giving her a NOL of a couple thousand.

    Since I am doing the 2011 tax return at the same time, how do I go about carrying that NOL back and getting her some more $$? Do I need to file a 1045 with the 2011 return?

    Thanks!

    I'm still looking at this, and I don't think I need the 1045 for 2011. I think I just enter the NOL as a negative number on the "other income" line and show that it is a carryback from 2012. Am I understanding this correctly?
    Last edited by Possi; 07-02-2013, 11:29 AM. Reason: still studying this...
    "I am proud to pay taxes in the United States. The only thing is I could be just as proud for half the money." Arthur Godfrey
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    #2
    If you carryback, you have to go back two years. So, you would have to go back to 2010 first. Then, if any is left, go to 2011.
    You have the right to remain silent. Anything you say will be misquoted, then used against you.

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      #3
      thanks

      Originally posted by WhiteOleander View Post
      If you carryback, you have to go back two years. So, you would have to go back to 2010 first. Then, if any is left, go to 2011.
      I will amend 2010. I didn't do 2010, so I'll have to re-create it and then amend it.
      "I am proud to pay taxes in the United States. The only thing is I could be just as proud for half the money." Arthur Godfrey

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        #4
        Well, you need to assess the situation. It might be better to forgo the carryback and carry forward. Just depends on the tax benefits.
        You have the right to remain silent. Anything you say will be misquoted, then used against you.

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          #5
          I did

          Originally posted by WhiteOleander View Post
          Well, you need to assess the situation. It might be better to forgo the carryback and carry forward. Just depends on the tax benefits.
          As a matter of fact, I did. I carried it forward after all. Since I didn't do the 2010 return, I would have to charge them to amend it, and it wasn't worth it.

          Thanks for helping me out with that. I really appreciate it.
          "I am proud to pay taxes in the United States. The only thing is I could be just as proud for half the money." Arthur Godfrey

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