cpr1955 Posted December 6, 2011 Report Posted December 6, 2011 I have tried to e-file a 1040 that has net operating losses from prior years and carryforwards to subsequent years. The program requires that an "NOL statement" be completed in order to e-file. I am not sure why this is required. What kind of info needs to be stated? Quote
MAMalody Posted December 6, 2011 Report Posted December 6, 2011 I don't believe you can e-file a tax return now. Quote
jainen Posted December 6, 2011 Report Posted December 6, 2011 >>The program requires that an "NOL statement" be completed in order to e-file<< The same statement is required for paper returns. Acording to page 9 of Pub 536 at http://www.irs.gov/pub/irs-pdf/p536.pdf, for deducting a carryforward, "You must attach a statement that shows all the important facts about the NOL. Your statement should include a computation showing how you figured the NOL deduction. If you deduct more than one NOL in the same year, your statement must cover each of them." Quote
cpr1955 Posted December 6, 2011 Author Report Posted December 6, 2011 Thank you, Jainen - I thought that I had read all of Pub 536 - guess my eyes were glazing over. Quote
Catherine Posted December 7, 2011 Report Posted December 7, 2011 It's actually really hard to do an NOL _without_ your eyes glazing over! Quote
jetaxes Posted January 31, 2012 Report Posted January 31, 2012 I have used this NOL statement for many many years: 2011 ELECTION TO FOREGO NET OPERATING LOSS CARRYBACK NAME:__________________SSN:_____________________ Above named taxpayer incurred a net operating loss in the taxable year ended December 31 2011. Pursuant to Code Section 172(b(3), the taxpayer hereby elects to forego the entire carry back period with respect to the net operating loss incurred in taxable year 2011. Joane Quote
michaelmars Posted January 31, 2012 Report Posted January 31, 2012 I have used this NOL statement for many many years: 2011 ELECTION TO FOREGO NET OPERATING LOSS CARRYBACK NAME:__________________SSN:_____________________ Above named taxpayer incurred a net operating loss in the taxable year ended December 31 2011. Pursuant to Code Section 172(b(3), the taxpayer hereby elects to forego the entire carry back period with respect to the net operating loss incurred in taxable year 2011. Joane THIS Election is available in atx in there long list of pre-prepared elections. its a great feature Quote
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