Diane Posted April 29, 2009 Report Posted April 29, 2009 I have an NOL from 2006 of 49103 (this is the carryover from 2007 which was not used yet) which was reduced to 36935 by a cancellation of debt from a bankruptcy. Put 36935 on line 21 as a negative. AGI came to (25322). Item deductions 28438, exemptions 14000. The software is calculating that 21714 of the NOL was used in 2008. Income consisted of 66029 of wages, 3326 St tax refund, (65510) loss from from 4797, 7768 early distribution from an IRA. For the life of me I cannot figure out where 21714 came from. I can't get my math to work to this figure. All my calculations show that the whole 36935 gets carried to 2009. What am I missing? Diane Quote
TAXBILLY Posted April 29, 2009 Report Posted April 29, 2009 Business income is: 66029-65510=519 NOL carryover of -36935 + 519 = -36416 to 2009 If you fill out the NOL worksheet and go to the line 24 tab below and enter the carryover from 2007 of 36935 you will get a carryover to 2009 of 36419. taxbilly Quote
Diane Posted April 29, 2009 Author Report Posted April 29, 2009 OK, redid the numbers. But, the software is using the State Tax refund as business income and now calculating the carryover as 33090. (36416-3326). It now says that I used 3326 plus the 519 for a total of 3845. I still don't know where the software came up with 21714 used in 2008. Diane Quote
TAXBILLY Posted April 29, 2009 Report Posted April 29, 2009 Line 7 of the NOL worksheet should be 11094. taxbilly Quote
Diane Posted April 29, 2009 Author Report Posted April 29, 2009 OK, got it. I guess I shouldn't be doing this tax return this time of night. I just couldn't get the figures straight. Thanks very much for your help. Diane Quote
Diane Posted April 29, 2009 Author Report Posted April 29, 2009 I used the NATP worksheet to calculate the amount of carried over NOL that was used in 2008 and that worksheet is telling me that none of the NOL was used in 2008. But, the software is still saying that 519 of the 36935 was used in 2008. I also used the NATP worksheets to calculate if there was an NOL for 2008 and that showed no new NOL. So, who's right? Diane Quote
TAXBILLY Posted April 29, 2009 Report Posted April 29, 2009 I did the NATP worksheet and came up with 519 being used from the NOL carryover. There is no new NOL for 2008 since business income exceeds business loss. taxbilly Quote
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