NOL

[grandmabee]

I have a 2006 loss. on the 2006 return we elected to carryforward.

Now we are doing 2007 return and also a loss. they did not bring in timely to file 2007 just now. Can I elected to carryforward the loss from 2007. Or does it have to be on timely filed return.( yes, )

so then I have to carryback 2007 loss to 2005 and then carryforward to 2006 and then carry both to 2008

what a mess

I am having problems with the NOL worksheet.

any help would be appreciated

[kcjenkins]

You are correct, the option to elect to forgo the carryback had to be made on a timely filed return, so it will have to be carried back first.

[BulldogTom]

Your client screwed this up. Make sure you charge them a TON of cash to teach them a lesson. You need to be paid for your headache.

Tom

Lodi, CA

[TAXBILLY]

I have a 2006 loss. on the 2006 return we elected to carryforward.

Now we are doing 2007 return and also a loss. they did not bring in timely to file 2007 just now. Can I elected to carryforward the loss from 2007. Or does it have to be on timely filed return.( yes, )

so then I have to carryback 2007 loss to 2005 and then carryforward to 2006 and then carry both to 2008

what a mess

I am having problems with the NOL worksheet.

any help would be appreciated

A suggestion would be to take pressure off yourself and put the 2008 return on extension so that you can sort out everything after April 15th. It is too late in the season for this to take up your precious time for a client who procrastinates.

taxbilly

[Lion EA]

I stopped taking prior year returns weeks ago, meaning corresponding extensions for 2008. The people on time get to be ahead of the procrastinators in line during tax season.

[TAXBILLY]

I'm with you, Lion.

taxbilly