2008 NOL Processing

[Kea]

Now that IRS has posted the new 2008 Form 1045 and instructions, I hope I can wrap this up soon. (I'm not going to wait for TaxWise to update since I probably won't be able to add it to my existing e-filed return. I e-filed the 1040 on 2/18/09 without specifying any elections.

Just to make sure I'm reading the instructions correctly:

I do not need to file an amendment to make the election to carry back 5 years. All I need to do is write across the top of Form 1045: "2008 NOL Carryback Election Pursuant to Rev. Proc. 2009-19."

Since they had capital gains from mutual funds, I need to attach the tax calculation worksheet and state on the front of the 1045 CG (capital gains) worksheet.

The original 2008 return had the following forms:

Form 1040, page 1 & 2

Sch A

Sch E (for the LLC that had the loss)

Form 4797

As I understand it, I don't have to submit Sch E or Form 4797 with the 1045. Will it hurt to just submit the whole return?

I will add to it:

Form 1045 Schedule A (I don't remember if that got sent with the original return or not)

Form 6251

the 2 K-1s.

For 2003, the instructions imply that I only need to submit "new" Form 6251 and Form 8880. I plan to also submit:

Form 1040, pages 1 & 2

Sch A (even though there are no changes)

I don't plan to send the Sch C or SE

Is that it?

[zeke]

dONT FORGET YOUR BILL!!!

Z

[Kea]

True! But that goes to the client, not the IRS. Or, can I send that to IRS? It's a much smaller amount than the NOL refund!