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- Net Operating Loss (Publication 536)
Net Operating Loss (Publication 536)
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LarryTheAccount
Level 1
10-23-2020
11:46 PM
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Per the CARES Act (2020), NOL can be carryback 5 years. I have a customer who can use the NOL in tax year 2019, so they have to carryback from the earliest year 2014. The problem I am facing is they were single and filed separately in 2014 and 2015. It is only after they got married in 2016 that they filed married jointly in 2016, 2017, 2018 and 2019.
Per Publication 536, Page 6, Paragraph "Separate to joint return", this couple can treat the separate carryback as a joint carryback. I take separate carryback here means the husband or wife's NOL carryback.
Can anyone show me how to input their single and separate 2014, 2015 tax information into ProSeries Form 1045? Thank you. Larry [phone number removed].
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sjrcpa
Level 15
10-24-2020
04:46 PM
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Larry remove your phone number. This is a public forum.
Whose 2019 NOL is it? I believe you carry it back to their single return.
The more I know, the more I don't know.
LarryTheAccount
Level 1
10-29-2020
11:27 AM
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Hi, It is the Husband's NOL. They filed single and separately in 2014 and 2015. We are in a community property, so it makes sense to claim the NOL 50/50 for the husband and wife to 2014 and 2015 tax returns. However, I am just confused by Pub 536, Page 6, Paragraph "Separate to join return". Here it perfectly described my taxpayers' situation, but it said, "treat the separate carryback as a joint carryback".
My taxpayers' situation now is: They are married now and they are trying to figure out the NOL belongs to the husband in 2019, and they filed separate returns for two years involved in figuring the NOL carryback. Repeat. The Pub 536 paragraph I cited above perfectly described this couple's situation. Thank you. I will call ProSeries to figure out how to take out my phone number. This is my first post. Larry
