NOL help

[cathyan]

This is my first time with a really big NOL, and want to make sure I'm reading everything right.

The NOL is from 2008, with no election of any kind made, so I'm first carrying it back to 2006.

It's a big enough NOL so that after applying it, their AGI is 0. They itemized deductions that year, and this is the part I'm unsure of. They have medical deductions and misc subject to 2%. If I'm understanding it right, since their AGI is now 0, all of their medical and misc are now included in the aftercarryback line 12 deductions. Right?

I've got the rest of it, including refiguring any credits based on 0 AGI.

It's not as scary as I thought it was going to be.

[Maribeth]

This is my first time with a really big NOL, and want to make sure I'm reading everything right.

The NOL is from 2008, with no election of any kind made, so I'm first carrying it back to 2006.

It's a big enough NOL so that after applying it, their AGI is 0. They itemized deductions that year, and this is the part I'm unsure of. They have medical deductions and misc subject to 2%. If I'm understanding it right, since their AGI is now 0, all of their medical and misc are now included in the aftercarryback line 12 deductions. Right?

I've got the rest of it, including refiguring any credits based on 0 AGI.

It's not as scary as I thought it was going to be.

Fill out Schedule B of the Form 1045, it will walk you through the amount of nol used and the amount to carryforward to 2007.

Maribeth

[cathyan]

Got it figured out Thank you. I'd like to take class on these. There are some things that seem backwards to me, but then, I'm tired and not thinking too straight.