NOL Classification

[AZ-Tax]

My client has roughly -$200,000 loss on his Sch C business. His AGI is approx -$188,000 (negative) yet line 52 of the NOL classification worksheet displays $0 under column A (business). Because of this my tech support is telling me that is why a form 1045 has not been generated. When I force a form 1045, line 1 a, displays the amount $231,000.

Is this correct?

[DaveO]

What software are you using?

Drake will produce the 1045 page 2 and you can enter overrides if needed. Have you had this problem before?

[AZ-Tax]

The last 1045 I did was in 2005...

and I used the same software in 2005. The 2005 NOL classification worksheet did generate a number on line 52 column A (business) for which I completed and mailed in the form 1045.

[AZ-Tax]

I use ProSeries

I use ProSeries