topic Re: form 1045 for 2018 NOL carry back in Get your taxes done using TurboTax

form 1045 for 2018 NOL carry back

leesm99pikl — Thu, 17 Sep 2020 14:02:36 GMT

Dividend is my only income in 2018 & 2019 , I disposed my worthless / revoked shares in 2019 .I have filed form 4868 for tax extension ,do I still need to fill up form 1045 to carry back the 2019 NOL year even my year 2018 tax return has never been submitted yet

Re: form 1045 for 2018 NOL carry back

Anonymous_ — Thu, 17 Sep 2020 14:38:36 GMT

If your only losses are worthless securities, you probably do not have an NOL.

See https://www.irs.gov/publications/p536#en_US_2019_publink1000177328

form 1045 for 2018 NOL carry back

leesm99pikl — Fri, 18 Sep 2020 02:36:44 GMT

Thanks .... But my Capital losses on disposal of worthless securities in 2019 is in excess of my 2019 capital gains ,i need to carry back to 2018 ..

do I still need to fill up form 1045 to carry back the 2019 NOL year even my year 2018 tax return has never been submitted yet ?

Re: form 1045 for 2018 NOL carry back

Anonymous_ — Fri, 18 Sep 2020 03:06:01 GMT

@leesm99pikl wrote:

Thanks .... But my Capital losses on disposal of worthless securities in 2019 is in excess of my 2019 capital gains ,i need to carry back to 2018 ..

You do not have an NOL and you cannot carry back a capital loss.

You can deduct up to $3,000 in capital losses ($1,500 if you're married filing separately) and then the excess over that amount is carried forward to subsequent tax years.

form 1045 for 2018 NOL carry back

leesm99pikl — Fri, 18 Sep 2020 04:07:16 GMT

You do not have an NOL and you cannot carry back a capital loss > refer to this ?

How To Figure an NOL

If your deductions for the year are more than your income for the year, you may have an NOL.

There are rules that limit what you can deduct when figuring an NOL. In general, the following items are not allowed when figuring an NOL.

Capital losses in excess of capital gains.

Re: form 1045 for 2018 NOL carry back

Critter-3 — Fri, 18 Sep 2020 08:27:30 GMT

Now if your income is below the filing requirement ... even though the $3000 loss must be listed on the 1040 it does NOT create an NOL and in fact the entire loss will be carried forward and not used currently. Review the loss carryover worksheet to see how it is calculated.

Re: form 1045 for 2018 NOL carry back

Anonymous_ — Fri, 18 Sep 2020 13:35:37 GMT

@leesm99pikl wrote:

You do not have an NOL and you cannot carry back a capital loss > refer to this ?

How To Figure an NOL

Capital losses in excess of capital gains.

That is the point; capital losses in excess of capital gains do not factor into the calculation of an NOL.

Re: form 1045 for 2018 NOL carry back

leesm99pikl — Sun, 01 Nov 2020 12:24:53 GMT

Re: form 1045 for 2018 NOL carry back

Anonymous_ — Sun, 01 Nov 2020 13:57:21 GMT

@leesm99pikl It does not appear as if you have an NOL (since a capital loss cannot generate one), but whether or not you receive a refund will depend upon other factors.

Re: form 1045 for 2018 NOL carry back

leesm99pikl — Mon, 02 Nov 2020 03:30:34 GMT

whether or not you receive a refund will depend upon other factors ... what are the factors please ?

Re: form 1045 for 2018 NOL carry back

Anonymous — Mon, 02 Nov 2020 05:01:47 GMT

as stated you don't have a NOL. however, you could receive a refund for federal withholding and a few credits. many credits are nonrefundable or required earned income (wages, schedule C, or certain schedule E income)

Re: form 1045 for 2018 NOL carry back

leesm99pikl — Mon, 02 Nov 2020 06:45:26 GMT

so should i submit my 2019 form 1040NR & 1045 ? TQ

Re: form 1045 for 2018 NOL carry back

Anonymous — Mon, 02 Nov 2020 10:09:55 GMT

a 1045 is for the carryback of a NOL which based on your info you do not have. just submit the 1040NR

Re: form 1045 for 2018 NOL carry back

leesm99pikl — Sat, 14 Nov 2020 04:18:45 GMT

need to submit 1040NR for year 2018 as well ? Thanks

Re: form 1045 for 2018 NOL carry back

Anonymous — Sat, 14 Nov 2020 06:31:21 GMT

TurboTax doesn't support IRS Form 1040-NR (U.S. Nonresident Alien Income Tax Return), we have partnered with Sprintax to offer both federal and state tax preparation for international students, scholars, and nonresident foreign professionals.

Please visit the TurboTax/Sprintax site for more info.

https://www.sprintax.com/non-resident-alien-tax-1040nr-turbotax.html#

Re: form 1045 for 2018 NOL carry back

leesm99pikl — Tue, 17 Nov 2020 03:04:44 GMT

sprintax never reply ..

Re: form 1045 for 2018 NOL carry back

Anonymous — Tue, 17 Nov 2020 06:35:25 GMT

most automated 1040-NR serivces for 2019 are now closed. you have the following choices:

search the web for free preparer

prepare manually https://www.irs.gov/site-index-search?search=1040-nr&field_pup_historical_1=1&field_pup_historical=1

search the web for a paid preparer.