NOL carryforward

[Kea]

New client had NOL in 2007. I show this on 2008 line 21. Since it is much smaller than the taxable income (before NOL), there is no need to carry to 2009. Do I need to include Schedule B of Form 1045? I'm thinking not, but I haven't done a carry forward before. (OK, I did one about 7 or 8 years ago, but it was still in the prior years - I carried back 3 years then to 2 then to 1 for a casualty loss. But that was all shown on one form with lots of amended returns attached.)

Thanks

[TAXBILLY]

I would do the NOL worksheet to make sure there is no carryforward.

taxbilly

[OldJack]

If the 2008 tax return has a tax calculated, after you have deducted the NOL on line 21, there is no need to waste time filling out the NOL worksheet as there can't possibly be a carryforward to 2009.

[Kea]

I did fill it out (or rather, TaxWise did). But it didn't do it the way I would have. Specifically, for line 2 it took the taxable income with the NOL and added the NOL. If the NOL was not there, more of the SS would have been taxed and the sales tax deduction changes. I wanted to avoid this confusion since there is on NOL carry forward to 2009 regardless. My 2006 ATX did not add the form.

It seems safe to delete the form. Thanks for the reassurance.