form 1045 for 2018 NOL carry back

[leesm99pikl]

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

[Anonymous_ · Accepted solution]

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

[leesm99pikl]

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 ?

[Anonymous_]

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@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 .. 

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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.

[leesm99pikl]

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.

[Critter-3]

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.  

[Anonymous_]

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@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.

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

[leesm99pikl]

[Anonymous_]

@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.

[leesm99pikl]

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

[Anonymous]

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) 

[leesm99pikl]

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

[Anonymous]

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

[leesm99pikl]

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

[Anonymous]

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#