I have a client who has about $30,000 AGI with $41,000 of Sch A deductions plus $3400 exemptions thus obviously reporting a 0 taxable income. Can any of this wasted Sch A deductions be carried back as an NOL or forward? When I opened up form 1045 Sch A, line 25 is 0.
1045 NOL with Sch A excess deductions?
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Schedule A
Pretty much the only Schedue A deductions which can go forward are investment interest (in excess of investment income), charity (if in excess of AGI limitations) , and work related employee business expenses (these can give rise to an NOL). -
Use the NOL worksheet on page 24-8 of the Deluxe TTB. That tells you which expenses increase an NOL, and which expenses do not.Comment
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