1045 NOL with Sch A excess deductions?

[AZ-Tax]

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.

[Kram BergGold]

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).

[AZ-Tax]

Kram, mostly medical exps

Kam, the taxpayers only Sch A itemized deductions are $44K of medical exps. Any of that be carried forward or back?

[Bees Knees]

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.