form 1045 for 2018 NOL carry back

Forum|Forum|5 years ago
September 17, 2020
1 reply
0 views

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

Best answer by Anonymous_

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

Anonymous_Answer

Level 15

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

leesm99piklAuthor

Level 3

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_

Level 15

@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.