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When I enter the NOL Carryforward on a personal return it asks for a detailed explanation, is there a standard response? Should I put "Small Business Net Operating Loss?"
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Publication 536:
You must attach a statement that shows all the important facts about the NOL. Your statement should include a computation showing how you figured the NOL deduction. If you deduct more than one NOL in the same year, your statement must cover each of them.
https://www.irs.gov/publications/p536#en_US_2019_publink1000177402
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This is what I do for clients that have an NOL carryforward.
Form 1040: Individual Tax Return
Explanation Statement
2009 FORM 1040 NOL CARRYFORWARD $34559
2010 FORM 1040 NOL CARRYFORWARD $25553
2013 FORM 1040 NOL CARRYFORWARD $18906
2015 FORM 1040 NOL CARRYFORWARD $ 5554
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@TaxMaam ??
I lost my directions on how to read invisible ink....lol
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This is what I do for clients that have an NOL carryforward.
Form 1040: Individual Tax Return
Explanation Statement
2009 FORM 1040 NOL CARRYFORWARD $34559
2010 FORM 1040 NOL CARRYFORWARD $25553
2013 FORM 1040 NOL CARRYFORWARD $18906
2015 FORM 1040 NOL CARRYFORWARD $ 5554
I am going to use your NOL carryforward statement. My client could use $84572 of NOL, especially from years which are not limited to 80%!😋
