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Understanding NOL Calculations for Individual Tax Returns with Filled-In Forms (UNCR)

  • Customer Rating
  • Field of Study
    Taxes
  • Level
    Intermediate
  • Credits
    2
  • Qualifies for

    IRS CPE

Overview

When an individual's deductions exceed gross income, the taxpayer may be able to use the excess deductions to offset taxable income of prior or subsequent years, particularly in the case of a Schedule C taxpayer who incurs a loss in the current year. The excess of deductions over income, modified by several complex adjustments, is the taxpayer's net operating loss or NOL. Currently, Section 172 allows a taxpayer to carry back the NOL two years and carry it forward 20 years to redetermine taxable income in those carryback and carryforward years. Individual tax return preparers will benefit from this course because they will learn how to calculate an individual taxpayer's NOL deduction.

Major Topics:

  • Calculating the taxpayer's NOL
  • Election to forgo carryback period and carry forward the NOL
  • Statute of limitations period for NOL carrybacks
  • Claiming the NOL on Forms 1040X or Form 1045
  • Recomputing taxable income for the year to which the NOL is carried

Learning Objectives

  • Calculate an individual taxpayer's net operating loss deduction

Who should take this course:

Designed for:

Prerequisite:

Knowledge of basic individual income tax rules

Advanced Preparation:

None

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