carrying back a NOL from this year to my 5 year earlier tax return


K

Kevin Ryan

I posted the following a couple of weeks ago. I'm posting
it one more time in the hope that someone new that hasn't
seen my question yet will have the answer.

Kevin Ryan

========================================
I have a NOL and so I'm filling out form 1045 for the first
time ever and I am not clear on what they are asking for on
lines 5 and 6 of Schedule A. One line wants total
non-business capital losses and the other line wants total
non-business capital gains.

All of my capital gains/loss are from a mixture of short and
long term stock trades. Are they asking for the total of
all my profitable trades on one line and losing trades on
the other line; or do I just net everything out and put that
total on one line and leave the other blank?

Also, I have a capital loss carry-over from the previous
year. Does this get included in lines 5 and 6? I actually
have a capital gain for 2002 trades, but adding the in loss
carry-over turns it into a loss (greater than the $3,000
max); so whether I include this carry-over loss will effect
my final NOL that I can carry back.

I've read Publication 536 and searched online, but haven't
found any specific information or samples that address this.
Besides having to dig up old 1997 information and forms,
this is the only thing that has been giving my trouble.
Thanks for any help.

Kevin Ryan
 
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