Discussion:NOL for a Schedule C /1040 filer

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Revision as of 02:39, 11 May 2007

Discussion Forum Index --> Tax Questions --> NOL for a Schedule C /1040 filer

Skq9545 (talk|edits) said:

11 May 2007
I have another client who has not filed taxes for the past 3 or 4 years. I am just now working on 2006 and 2005. Will do the prior years after these two are completed. Client has a NOL in 2006 and has a small profit in 2005. Do I have to complete form 1045 to claim the loss for 2005? I don't know what kind of profit or loss client will have until I get into years 2004 and 2003. At this point, the profit in 2005 is minimal, but would save the client having to pay approx $611 in taxes. Any advice? Thanks,
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