Ln 21 NOL Explanation Stmt?
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From TaxAlmanac
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 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.
Now ready to file 2003 which need 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.


