Carry forward loss


H

heena_k

In 2005 I had a Loss of $10,000 on my Adjusted Gross Income line. I
chose to forgo the loss carryback option and only use the loss
carryforward option.

Now in my 2006 return, how do I bring the $10,000 loss forward ?
(which form and line?)

I'm frustrated by instructions on IRS Form 1085 which only lists the
procedures for carry back loss. Turbo Tax doesn't have any forms for
calculation or help with this either. Please HELP.
 
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S

Shyster1040

""In 2005 I had a Loss of $10,000 on my Adjusted Gross Income line. I
chose to forgo the loss carryback option and only use the loss
carryforward option.

Now in my 2006 return, how do I bring the $10,000 loss forward ?
(which form and line?)

I'm frustrated by instructions on IRS Form 1085 which only lists the
procedures for carry back loss. Turbo Tax doesn't have any forms for
calculation or help with this either. Please HELP.
""

*********************

Have you read IRS Pub. 536, Net Operating Losses (NOLs) for Individuals,
Estates, and Trusts?

In particular, on page - of Pub. 536, which states that the amount of the
NOL carried to 2006 is listed as a negative amount on line 21, Other
Income, of your 2006 Form 1040, and that you should attach a statement you
your 2006 Form 1040 "that shows all the important facts about the NOL,"
including "a computation showing how you figured the NOL deduction. If you
deduct more than one NOL in the same year, your statement must cover each
of them."

For my money, I would put the statement on a Form 8275, Disclosure
Statement, which I would then attach to the Form 1040 (with appropriate
cross-references indicated in the margins of the 1040 at line 21) just as
a belts-n-suspenders safety measure.

Is that any help?
 

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