1040 filing requirement if NOL carryforward but no current yearincome


C

choffman40

Is there a filing requirement for a 1040 if there is no current year
income but an NOL carryforward? Is it possible to lose the NOL if no
return is filed? Similar question for Capital loss carryforward.
 
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D

D. Stussy

Is there a filing requirement for a 1040 if there is no current year
income but an NOL carryforward? Is it possible to lose the NOL if no
return is filed? Similar question for Capital loss carryforward.
NOL: There certainly is a computation needed as such things like the
personal exemption do eat away at the NOL.

CL: In general, that won't be eaten away.

Filing a return when not otherwise required is advisable in some
situations - for that's the only way the period of limitations gets started.
 
H

Harlan Lunsford

D. Stussy said:
NOL: There certainly is a computation needed as such things like the
personal exemption do eat away at the NOL.

CL: In general, that won't be eaten away.

Filing a return when not otherwise required is advisable in some
situations - for that's the only way the period of limitations gets started.
However, the real answer to the question on the fact of it is "no."

ChEAr$,
Harlan Lunsford, EA n LA
 
G

Gil Faver

D. Stussy said:
NOL: There certainly is a computation needed as such things like the
personal exemption do eat away at the NOL.
How does the personal exemption eat away at the NOL?
 
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G

Gil Faver

D. Stussy said:
Fill out Form 1045's schedules and watch.
I have done so, and do not see that the personal exemption eats away at the
NOL carryforward in years where the taxpayer has zero income.
 
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