Spokane2303
Recycles dryer sheets
I have a 2012 K-1 (form 1041), box 11 - Final year deduction, code D - Net operating loss carryover - regular tax of $277,395.
Two questions for those of you who understand tax code better then myself:
1. Am I allowed to carryover the unused NOL amount into future years until depleted since this is related to the closing of a trust as reported on the Schedule K-1, Final K-1, that I received from the trust this week? (I plan to waive the 2 year carryback option, if available, to take advantage of a yes answer to question 2 below)
2. If am allowed to carryover unused NOL losses, can I use these to offset taxes on a Roth IRA Conversion?
Yes I do plan to meeting with my tax advisor; however, I'm trying to understand my options prior to this meeting, which will be delayed due to the tax time frenzy of his appointments.
Thanks for you comments!
Two questions for those of you who understand tax code better then myself:
1. Am I allowed to carryover the unused NOL amount into future years until depleted since this is related to the closing of a trust as reported on the Schedule K-1, Final K-1, that I received from the trust this week? (I plan to waive the 2 year carryback option, if available, to take advantage of a yes answer to question 2 below)
2. If am allowed to carryover unused NOL losses, can I use these to offset taxes on a Roth IRA Conversion?
Yes I do plan to meeting with my tax advisor; however, I'm trying to understand my options prior to this meeting, which will be delayed due to the tax time frenzy of his appointments.
Thanks for you comments!