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Tax Year Prior to 2020: Schedule A NOL Instructions
I have a NOL from 2017 and I am trying to figure the carryforward for 2018. I have the instructions, but I am uncertain as to the meanings of a few things and could use some assistance...Please!
Question 1. What does it mean by "increased by the total of the charitable deduction, income distribution deduction, and exemption amount"? It says "see instructions" but the instructions for this questions don't say anything about this. Does this mean I have to add back in the amount of charitable deduction, and personal exemption deductions?
November 28, 2018
8:26 AM
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Yes, it means you have to adjust (add back) the dollar amounts for those items. IRS Publication 536 has a worksheet that may help you. You can find it here IRS Publication 536.
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December 4, 2018
10:09 AM
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