I am asking about individual income taxes. I have a Net Operating Loss that results from the losses of a Publicly Traded Partnership (PTP) sold in 2017. I cannot use carryback credit for 2015, as the only tax paid in 2015 was self-employment tax. But it is possible to reduce my taxable income in 2016 using an NOL carryback.
My taxes are not particularly complicated, except perhaps for this PTP. I don't think I make enough income for Alternative Minimum Tax, e.g., my AGI line 22 was only about 22K for 2016 and was -5K for 2017. (I had business income of 10K for 2017, no wages.) And Turbotax has told me I do not have to pay the AMT so far.
But there is a potentially daunting list of forms that have to be attached to both a 1040X and Form 1045 when claiming NOL carryback credit. I am prepared to attach the forms. But for Form 1045 the AMTNOL or ATNOLD calculations are specifically mentioned as attachments. But these calculations (Form 6251) look quite daunting to me, even though I don't think they apply to me.
The AMTNOL and ATNOLD are not specifically mentioned for Form 1040X, so I am thinking that maybe the 1040X is a better option for me. I am also thinking that if perhaps I don't get everything exactly correct with the 1040X as far as attachments, that perhaps they'll just ask for more information, rather than a complete resubmission of the form, as I think they might for the 1045. Does anybody have any comment about this?
The most complicated part of my taxes is the PTP I sold in 2017, with the associated K-1s. There is a small AMT entry, a minus number in Box 17A of Part III of the 2017 K-1, which I have entered into Turbotax. And there is, what appears to be a small AMT adjustment (a negative number) on the 2017 K-1 (in a part entitled "Sales Schedule use for Federal Tax Return") to the Capital Loss (for Schedule D of 1040) from the sale of the PTP. This small AMT adjustment is less than 0.5% of the total Capital Loss. I have tried to enter these numbers into Turbotax as accurately as I can. I do not really feel I make enough to consult a tax professional. I bought the PTP at the strong suggestion of a relative; I don't think I'll be doing something like this again.
Thank you,
W.I.
