Technical topics regarding tax preparation.
18-Jan-2021 9:20pm
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Client had big business losses in 2018 and 2019 on his Schedule C that creates NOLs. I plan to complete 1040X‘s. To confirm my understanding, I would carry 2018 back to 2013 first, then work forward. For 2019, I would carry back to 2014 and then work forward. Correct?
18-Jan-2021 11:51pm
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Yes. Using the values for 2014, 2015, 2016, and 2017 as they are reduced by the 2018 NOL when computing the carryback of the 2019 loss.
Because on T.A. ten was the most you were allowed
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