Discussion:Software for 1045 and Schedules A & B?? NOL computations
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Discussion Forum Index --> Tax Questions --> Software for 1045 and Schedules A & B?? NOL computations
| February 14, 2007 | |
| I'm trying to file a 1045 NOL with 2006 return. Planning to carryback to 2004. Is there a software product available that fills in the form, one that handles the carryback years? I understand that Pro Series does fill in the form 1045 but that it only deals with carryforward years. | |
Death&Taxes (talk|edits) said: | 16 February 2007 |
| Better still have your 2006 Version....not available yet for 2007. And, horrors, you have to fill in the numbers! | |
| 16 February 2007 | |
| which means you have to know tax law. Oh darn. Isn't that what a tax professional does? | |
| 16 February 2007 | |
| 1045 and Schedule A & B need to be done by hand to be sure they are correct. That is, if there are many variables. I have done several and used a couple of different softwares. These were complicated carrybacks with AMTNOL's and software is just not able to know all the information that is needed. You really need to know how to do a NOL to do it correctly. | |
| 16 May 2008 | |
| Oh brother!!
I was going to ask you Almanacers about a good software that handles NOLs well. I am using ProSeries, but the Basic, only because I cannot afford the Pro version and I only have around 30 clients so far. I am very dissapointed that I have to calculate the NOL carryforward (will elect it) by hand (no worsheet provided). I ordered the demo from Drake to see how it handles it and it gives me a totally different figure ($7k versus $26k I come up with). It treates rental losses as non business apparently. Any help with NOL worksheet, software, or with the rental issue is greatly appreciated! | |
| 16 May 2008 | |
| My experience is that both NOL carrybacks on a 1045 and a 1031 transaction have to be calculated by hand. I never found a program which would get the correct answer due to the high level of complications involved. | |
| 16 May 2008 | |
| I always double check the software by hand. Sometimes you have to figure out which is wrong - you or the software. The best place to start is the definitions of what is business income and what are business deductions. NATP has some great worksheets, Lavla, do you need a link? | |
| 16 May 2008 | |
| Computation | |
| 16 May 2008 | |
| business/non-business allocation | |
| 17 May 2008 | |
| Thank you so much for your help!!
Yes, I agree that you have to know the stuff. I am just mad at the guys of Intuit for not making things easier to the 'little people' here (ProSeries basic customers). | |
