Discussion:1040 NOL carryforward to 08

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Discussion Forum Index --> Basic Tax Questions --> 1040 NOL carryforward to 08
Discussion Forum Index --> Tax Questions --> 1040 NOL carryforward to 08

Artlander@aol.com (talk|edits) said:

13 March 2009
I have a NOL carryfoward to 08 for 100,000.

The wages for 08 are 80,000 The itemized deductions are 10,000

The amount that goes on line 21 for NOL carryfoward loss is it 80,000 or do I calculate the amount of the NOL loss used after taking into consideration the itemized deduction which would be 70,000?

In other words should line 21 be 70,000 and AGI would then be 10,000 and then the itemized deductions (assume no phase out) would bring the line 41 to zero.

So if I use the itemized deduction it increases the amount of the NOL I can carryfoward to 2009 to 30,000.

Any thoughts?

Thanks!!

Or do I just loose the itemized deductions.

Kevinh5 (talk|edits) said:

13 March 2009
you'll get more responses if you'll take 2 minutes to fill out your profile

Szptax (talk|edits) said:

13 March 2009
Publication 536 on NOLs has several examples which should answer your question. The short answer is... you carry forward the entire NOL to y1, then carryforward the unutilized NOL to y2 etc until the entire amount is utilized.

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