if I have NOLs for two years in a row and elect to carry forward both, do I enter the sum of both on line 21 of future years' return or just amount of the earliest NOL?

TaxConnections Members... Answer This Question Want To be One of Our Tax Experts? Register Here

Tax Professional Answers

GrEAt question. The answer is a little bit more complicated than line 21 of form 1040. I'd like to draw your attention IRS Form 1045 Schedule A (page 3)

found here -> www.irs.gov/pub/irs-pdf/f1045.pdf?_ga=1.61593832.591580137.1449793240

After working through that - hit me back with follow up questions and/or comments as you see fit. Best!

Access Leading Tax Experts And Technology
In Our Global Digital Marketplace

if I have NOLs for two years in a row and elect to carry forward both, do I enter the sum of both on line 21 of future years' return or just amount of the earliest NOL?

Tax Professional Answers

View/Select our Current List of Tax Topics

Access Leading Tax Experts And TechnologyIn Our Global Digital Marketplace

if I have NOLs for two years in a row and elect to carry forward both, do I enter the sum of both on line 21 of future years' return or just amount of the earliest NOL?

Tax Professional Answers

View/Select our Current List of Tax Topics

INCREASE KNOWLEDGE WITH EVERY ISSUE OF TAXCONNECTIONS

Learn from tax advisors, straight to your inbox

Access Leading Tax Experts And Technology
In Our Global Digital Marketplace