I'm starting form 1040 from scratch because I don't have last year's tax file. My prior year's printed return was prepared by an accountant. It had a ordinary NOL carryover, which I've inputted for regular income tax on my Federal Carryover Worksheet. It also had a "section 1411 NOL", but how do I input on form 8960? Thanks.
You will have to enter that in Forms Mode, which is only supported in desktop versions of TurboTax.
Yes @Anonymous_, I have the desktop software of TurboTax Premier for Windows. On form 8960, which line should I input my section 1411 carryover? Thanks.
No @Anonymous_, line 4b is "Adjustment for Net Income or Loss Derived in the Ordinary Course of a Non-Section 1411 Trade or Business". I have the opposite type of carryover -- NOL derived in a section 1411 trade.
@rootsmusic wrote:
No @Anonymous_, line 4b is "Adjustment for Net Income or Loss Derived in the Ordinary Course of a Non-Section 1411 Trade or Business". I have the opposite type of carryover -- NOL derived in a section 1411 trade.
My mistake - the 1411 adjustment is entered on Line 7.
Yes @Anonymous_, line 7 sounds right. Turbotax has a Deduction Recoveries Worksheet for line 7, but I don't see the worksheet's tax guidance. I believe that it's to deduct section 1411 NOL against net investment income. Since I don't have any net investment income other than Schedule D, can I avoid the daunting worksheet? I just want to input my carryover so it'll be in my tax file.
Yes, since that is all the adjustment relates to (the NIIT).
Ok @Anonymous_, I'm avoiding the Deduction Recoveries Worksheet for calculating line 7. Before inputting my section 1411 NOL carryover, line 8 in my form 8960 subtotals $11,447. If I manually input this carryover on line 7, then line 8 will become negative. (I don't know where line 8 feeds into on other forms.) Should I do so? Thanks!