EmsBTW2016
Level 4

Thank you!

I have calculated the tax savings as $3500. The NOL is 20k for 2018 and 4k for 2020.

I have completed two separate 1045s and used tax tables from 2013 and 2015 to calculate the tax difference.

I have also compared the tax savings my client received from taking the 2018 NOL in 2019, and due to the 80% limitation, the tax savings was only $800.

I feel like the work involved will cost them around $1500 (I'm guessing 8-10 hours max) so I think it is worth the trouble? I realize I have to amend the 2019 1040, mail it in, and also include in 2020 tax return the two 1045s and include all attachments necessary. Am I missing anything else that would be time consuming?

Thanks so much for your help - this is my first time doing something like this on my own (I have done NOL carry backs back at a large firm but now I am out on my own!)

 

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