Discussion:Filing 1040 2002 - 2005 NOL's - Ln 21 attache stmt?

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Discussion Forum Index --> Tax Questions --> Filing 1040 2002 - 2005 NOL's - Ln 21 attache stmt?

Dude7707 (talk|edits) said:

23 May 2007

T/P had 5,821 Individual NOL in 2002

In 2003, no return was due for 2001 and earlier, started used clothing business as Sch C in 2002. 2002 - 2005 have not been filed since had been waiting for information to complete returns. All extensions were filed on time and now there is no tax liability for those years just losses. 2002 was filed on 3/27/07. No 1045's have been filed. Realize 1045's deadlines are end of tax year so am I out of luck or can these 2002 - 2005 NOL's be takened on the respective 1040's?

Now ready to file 2003 which plan to include 5,821 2002 NOL on Ln 21 of 1040. Using Proseries, it asks for explanation statment. What needs to be enter on this attach statement? I assume it is just the following:

2002 NOL Carryforward - 5,821

Is this correct or do I need to add something else?

Thank you for your time.