Nonbusiness deductions on Form 1045 Schedule A and NOL Worksheet 1

UltraTax CS automatically includes the following nonbusiness deductions on Net Operating Loss Worksheet 1, line 6:
  • Taxpayer and spouse IRA deductions
  • Taxpayer and spouse self-employed health insurance deductions
  • Student loan interest deduction
  • Keogh, SEP, and SIMPLE deductions
  • Penalty on early withdrawal of savings
  • Alimony paid
  • Other adjustments
  • Itemized deductions (less any casualty or theft losses and unreimbursed employee business expenses) or the standard deduction if taken
  • Amounts entered in the
    Nonbusiness deduction adjustment
    field on the
    1045-3
    screen in the
    1045 & NOL
    folder

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