Skip to main content

Legal

Tax & Accounting

Trade & Supply

Risk & Fraud

News & Media

Books

Developers

Carrybacks and carrying forward

Carry back a net operating loss for proforma'd clients

Do the following to carry back a net operating loss for proforma'd clients:
  1. Go to the
    1045
     screen in the
    1045 & NOL
     folder.
  2. Mark the
    Farm loss carryback on Form 1045
     checkbox. This is required to calculate Form 1045.
  3. Go to the
    1045-2
     screen.
  4. Review the before amounts and correct any wrong amounts. Leave the after amounts blank for now.
  5. Close the client in the current year and open the client for the 1st carryback year that the loss is allowed to be carried back.
  6. Go to the
    NOLCO
     screen, located under the
    1045 & NOL
     folder.
  7. In the NOL carryback section, enter the amount of the current-year net operating loss that was calculated on the Net Operating Loss Worksheet 1 (or portion of the loss applicable to the year carried back) as positive numbers.
  8. Enter the total AMT NOL amount from the AMT Net Operating Loss Calculation Worksheet 2 in the
    AMT
     fields.
  9. You'll need to enter amounts from this return in the current-year return. Print the return so you can reference the amounts.
  10. Close the prior-year client return.
  11. Open the current-year client.
  12. Go to the
    1045-2
     screen in the
    1045 & NOL
     folder.
  13. Enter the refigured prior-year after amounts.
Chat now

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close