Please feel free to check out our article, where we've written step by step instructions to help you walk through this tax form! www.teachmepersonalfinance.com/irs-form-1045-instructions/
You can still use IRS Form 1045 for amending a prior year NOL. However, you'd also need to file IRS Form 1040-X (assuming you're filing as an individual taxpayer, and not as an estate or trust): IRS Form 1040-X, Amended U.S. Individual Income Tax Return Article: www.teachmepersonalfinance.com/irs-form-1040-x-instructions/ Video: th-cam.com/video/4WjwzGOL0kc/w-d-xo.html In this situation, here's the guidance from the form instructions: If you use Form 1040-X or other amended return, follow the instructions for that return. Attach to the amended return a copy of Schedule A of Form 1045 showing the computation of the NOL and, if applicable, a copy of Schedule B of Form 1045 showing the computation of the NOL carryover. Complete a separate Form 1040-X or other amended return for each year for which you request an adjustment.
Hi, if my AGI (calculated without NOL on schedule 1) is low enough to be covered by the standard deduction, do I still need to include the NOL to reduce the AGI?
According to IRS Publication 536, "If your NOL is more than the taxable income of the year you carry it to (figured before deducting the NOL), you will generally have an NOL carryover to the next year." With this understanding, which applies to your situation, I would say that you have an NOL carryover (or carryback to a different tax year, if that's available to you).
Please feel free to check out our article, where we've written step by step instructions to help you walk through this tax form! www.teachmepersonalfinance.com/irs-form-1045-instructions/
Hi, do you still file 1045 if there’s no carry back, bit amending past years for correction of NOL.
You can still use IRS Form 1045 for amending a prior year NOL. However, you'd also need to file IRS Form 1040-X (assuming you're filing as an individual taxpayer, and not as an estate or trust):
IRS Form 1040-X, Amended U.S. Individual Income Tax Return
Article: www.teachmepersonalfinance.com/irs-form-1040-x-instructions/
Video: th-cam.com/video/4WjwzGOL0kc/w-d-xo.html
In this situation, here's the guidance from the form instructions:
If you use Form 1040-X or other amended return, follow the instructions for that return. Attach to the amended return a copy of Schedule A of Form 1045 showing the computation of the NOL and, if applicable, a copy of Schedule B of Form 1045 showing the computation of the NOL carryover.
Complete a separate Form 1040-X or other amended return for each year for which you request an adjustment.
Hi, if my AGI (calculated without NOL on schedule 1) is low enough to be covered by the standard deduction, do I still need to include the NOL to reduce the AGI?
According to IRS Publication 536, "If your NOL is more than the taxable income of the year you carry it to (figured before deducting the NOL), you will generally have an NOL carryover to the next year."
With this understanding, which applies to your situation, I would say that you have an NOL carryover (or carryback to a different tax year, if that's available to you).
How do I carry forward an NOL?
True and real
How Can you get a refund from a NOL carryforward.
I would refer you to IRS Publication 536, which walks taxpayers through NOL for individuals, estates & trusts. www.irs.gov/publications/p536
@teachmepersonalfinance2169 Can I pay 4 consultation on this...I'm familiar with publications 536 & f1045 is this issue.
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