If a return has generated a Net Operating Loss (NOL) in the current year, there will be a Green Alert in the return titled Green Alert - Net Operating Loss. The NOL amount will be reflected on Line 25 in Schedule A--NOL of Form 1045 Application for Tentative Refund. Instructions to review/modify the information and then print the schedule in the TaxAct® program are provided below followed by information on how to carry back that loss (if you do not elect to carry the loss forward). Note. If there was any gain in the return excluded under section 1202 on the sale or exchange of qualified small business stock, that would need to be entered as a positive number on Line 17 of the same Schedule A--NOL in Form 1045.
To review the current year NOL information:
Green numbers (or 0) are user-entered fields where you would determine if any amount needs to be entered in that field and enter it. Blue numbers (or 0) are either program-calculated fields or, if you click a field and a yellow manila folder appears to the side, entries transferred from supporting forms. Click the manila folder to view/modify the supporting form that populates that field.
To print the schedule:
Note. If you see a message indicating you have not paid, you will need to click the View/Pay your return fees link which will direct you through the Paper Filing steps. Continue through the screens until you have processed the payment for your product fees, then repeat the steps to print.
Green numbers (or 0) are user-entered fields where you would determine if any amount needs to be entered in that field and enter it. Blue numbers (or 0) are either program-calculated fields or, if you click a field and a yellow manila folder appears to the side, entries transferred from supporting forms. Click the manila folder to view/modify the supporting form that populates that field.
To print the schedule:
If you choose to carry the loss back to a prior year for a refund, you can go to our Form 1045 - Application for Tentative Refund (Current Year NOL) (CARRYBACK) FAQ for more information and navigation instructions.
Note that any link in the information above is updated each year automatically and will take you to the most recent version of the webpage or document at the time it is accessed.