cpabsd Posted October 11, 2011 Report Posted October 11, 2011 Client has NOL carryforwards for 2008 and 2009 that total $49732. The total is correct in software for 2010. How do I tell system to take amount allowed on line 21? Also, what amount is allowed for 2010? Here are the numbers: Schedule c income -$77,122 HSA - 4000 SE ded - 5449 SEP contribution - 13152 standard deduc - 11,400 exemption - 10950 Taxable income with no NOL is $32,171. Any guidance is appreciated. I have tried researching and utilizing IRS worksheets but it all seems confusing right now. Thanks! Quote
Maribeth Posted October 11, 2011 Report Posted October 11, 2011 Get Form 1045. Go to Schedule B. That is your intervening years calculation. Do the worksheet and it will tell you how much to put on line 21 for this year. Quote
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