From TaxAlmanac, A Free Online Resource for Tax Professionals
From TaxAlmanac
Discussion Forum Index --> Basic Tax Questions --> 1045 and/or amended return
Discussion Forum Index --> Tax Questions --> 1045 and/or amended return
Anchorman (talk|edits) said:
| 3 June 2009
|
| I have a new client, sole proprietor, who had a NOL in 2007. Wants to carryback to 2005. I've read thru IRS instruction pubs on NOLs and 1045, but am not clear on the process of how to file. From what I can tell, I can't use the 1045 because it's past the deadline to do so. Instead, I have to amend the 2007 (1040X). But do I include a 1045 Schedule A as part of the 2007 1040x? Then do I also need to file a 2005 1040x, and simply change the AGI, Taxable Income, etc on the 2005 1040x, and that's it? Or is there more to the paperwork? Help!?!
|
Trillium (talk|edits) said:
| 3 June 2009
|
| Seaside just posted an answer on the other discussion where you asked this question (Discussion:NOL carryback or carryforward), but also take a look at the discussions that come up in a search - in particular the ones that are in the title match, but you also might find some helpful guidance in the others, or you may wish to further limit the search results: Sample search: 1045 1040X.
|
Lhhesscpa (talk|edits) said:
| 3 June 2009
|
| My experience has been that if you don't include the 1045 Sch A with the 1040X IRS will write you and ask for it. It happened with a submission within the past 6 months. I had included a worksheet created by my software that mimics Sch A even including all the line #s. It wasn't acceptable. I had to prepare a proper Sch. A. -- Larry Hess, CPA | Albuquerque, NM
|
To join in on this discussion, you must first
log in.
