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I am trying to carryback a 2019 NOL to 2018 return. How do I get lines 10 - 15 to print on the 2019 form 1045?

JFG
Level 2
 
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9 Comments 9
TaxGuyBill
Level 15

First question ... is this a C-corporation that started in 2018?

If not, a 2019 NOL is carried back 5 years, so it would be carried to 2014.

 

Second question involves your phrase "to 2018 return".  You aren't actually re-filing 2018, right?  You are just preparing the Form 1045 in the 2019 software, right?

sjrcpa
Level 15

1045 is for individuals. 1139 is for corporations.

Bill is correct you have to go back 5 years first.


Ex-AllStar
JFG
Level 2

1. It is not a C-Corp

2. No I am not refiling 2018, but the instructions said to go back to 2018 return and enter the NOL in screen 15

 

Another issue: when I do the step in 2 above, it creates a 6251 AMT amount; there was no AMT in the original return; it seems counter-intuitive to me that this should happen?

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JFG
Level 2

I don't see anything in the instructions that say I have to go back 5 years?

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PhoebeRoberts
Level 11
Level 11

You need to enter the AMT NOL, not just the regular tax NOL.

PhoebeRoberts
Level 11
Level 11
JFG
Level 2

Where do I enter that? I entered it in Screen 15 of the 2018 return and an AMT was still created. Can I send you some PDFs?

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JFG
Level 2

My take on this is that you CAN go back 5 years to absorb the full NOL but you don't HAVE to. In my case, the entire NOL can be absorbed in the 2018 return.

Also, I still don't have an answer on why Lines 10 - 15 on the Form 1045 do not print. Do you you have any clue on that issue?

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TaxGuyBill
Level 15

@JFG wrote:

My take on this is that you CAN go back 5 years to absorb the full NOL but you don't HAVE to.


No.  You can't pick-and-choose when to apply it.  It must be carried back 5 years.

As for your actual question, sorry, I'm a ProSeries user so I can't help you there.