Question

NOL carryover confusion -- Pub 536 Worksheet 3

Forum|Forum|2 years ago
April 6, 2024
1 reply
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I had a negative AGI for 2022 and it would seem that I need to manually calculate Publication 536 (to determine what value I can carryover from 2022 into year ending 2023 and place on my 1040 Schedule 1, Line 8A).

Everything appears to make sense until I get to the end of Worksheet 3, requiring the result of Form 461. It seems like this is expecting to be a negative number?

Since it doesn't look like there was an "excess" loss from 461 should I enter ZERO on Worksheet 3, Line 3?

Pretty confused here.

My worksheet math: https://i.imgur.com/NLplwr0.png

https://www.irs.gov/pub/irs-pdf/p536.pdf

https://www.irs.gov/pub/irs-pdf/i461.pdf

M

Mike9241

you may not have form 461 see below for requirements.

the bad news is that if you need it Turbotax does not do it. so you would have to do it manually and thus be required to mail in your return

File Form 461 if you’re a noncorporate taxpayer and your net
losses from all of your trades or businesses are more than
$289,000 ($578,000 for taxpayers filing a joint return).