Rpn

[Unregistered]

REFERENCE; NOL BUSINESS/NONBUSINESS ALLOCATION WORKSHEET
(TAB 24 2006 DELUXE TAXBOOK)
2002
Taxpayer has Farm loss (carryback 5 yrs)
spouse has businessw loss (carryback 2 yrs)

2000
spouse has casualty loss in business (carryback 3 yrs)

How many worksheets do I need to fill out? 1,2, or3 ?

also since these are closed years do I file just these worksheets or do I
also do 1040x in the closed years and then 1040x's in the carryforward
to other closed years and open years.

Losses are large enough that they will not expire until 2007 barring any further NOLs.

[Bees Knees]

As stated at the top of the page, the worksheet on page 24-8 is to assist in completing Schedule A of Form 1045. Schedule A is used to calculate the NOL for the year of the loss. So you only do one Schedule A for any one NOL.

TTB, page 8-16 says, "Once nonbusiness income and deductions are separated from business income and deductions, use these amounts to fill out Schedule A, Form 1045. Schedule A calculates the NOL for the current tax years. form 1045 is used to carry an NOL back, if the form is filed within one year after the end of the year in which an NOL arose. If a return is filed later than one year after the NOL year, use Form 1040X to carry back the NOL. However, Schedule A, form 1045 should still be used as a worksheet to calculate the NOL, even if Form 1045 is not filed to carry the NOL back, or the taxpayer elects to carry forward the NOL."