Rental property sold resulting in a $54,000 loss since prior passive losses now released. Income is only $25,000 from 1099-R. schedE. How do I carryback loss?

[TaxGuyBill]

If you have a Net Operating Loss (Line 41 of your Form 1040 would be negative), you would amend your 2014 tax return to use the NOL.
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[Seltzer]

how does form 1045 fit into this? and how does one determine the amount to use for the prior tax year?

[view2 · Accepted solution]

Calculations Not Supported in the 2016 TurboTax Individual Federal Tax Program

Net Operating Loss: If after completing your tax return you have a negative amount on Form 1040, line 41, and you had a loss from a business activity such as those reported on Schedules C, E, F, or resulting from dispositions on Form 4797, or sustained a casualty loss, you may have a Net Operating Loss (NOL). The program does not calculate the amount of NOL to be carried back or forward to another year. To determine your NOL, if any, refer to Form 1045, Schedule A (not included with this program). You will probably also benefit by reviewing IRS Publication 536 for details about the NOL calculation.

https://www.irs.gov/pub/irs-pdf/p536.pdf