In 2015, Misty incurred a NOL, carried her 2015 NOL back to 2013 and 2014, and w

Question

In 2015, Misty incurred a NOL, carried her 2015 NOL back to 2013 and 2014, and was able to deduct a portion of her 2015 NOL in both 2013 and 2014. Mary calculated a NOL carryover of ($17,574) on her form 1045, schedule B, to carry forward to 2016. Misty wants to deduct her unused 2015 NOL carryover in 2016. How would Misty deduct her carryfowrward NOL in 2016?

A. Report her NOL carryover of ($17,574) on her 2016 form 1045, pages 1 and 2.

B. Report her NOL carryover of ($17,574) on her 2016 form 1045, schedule A.

C. Report her NOL carryover of ($17,574) as a negative amount on line 21 as other income on her 2016 form 1040.

D. Report her NOL carryover of ($17,574) on her 2015 form 1045, pages 1 and 2.

Explanation / Answer

C. Report her NOL carryover of ($17,574) as a negative amount on line 21 as other income on her 2016 form 1040. If we wont to deduct carry forward of NOL from prior years the amount is listed as negative figure o the other income line of form 1040. for 2016 year it is line no. 21. If any doubt please comment

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