Publication 536 - Net Operating Losses (Nols) For Individuals, Estates, And Trusts - 2005
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19Publication 536
Contents
Cat. No. 46569U
What’s New . . . . . . . . . . . . . . . . . . . . . 1
Department
Net Operating
of the
Reminder . . . . . . . . . . . . . . . . . . . . . . 1
Treasury
Losses (NOLs)
Internal
Introduction . . . . . . . . . . . . . . . . . . . . . 1
Revenue
Service
NOL Steps . . . . . . . . . . . . . . . . . . . . . . 2
for
How To Figure an NOL . . . . . . . . . . . . . 2
Illustrated Schedule A
Individuals,
(Form 1045) . . . . . . . . . . . . . . . 3
When To Use an NOL . . . . . . . . . . . . . . 3
Estates, and
How To Claim an NOL Deduction . . . . . . 7
Deducting a Carryback . . . . . . . . . . . 7
Trusts
Deducting a Carryforward . . . . . . . . . 8
Change in Marital Status . . . . . . . . . . 8
Change in Filing Status . . . . . . . . . . . 8
Illustrated Form 1045 . . . . . . . . . . . . 9
For use in preparing
How To Figure an NOL Carryover . . . . . 11
2005
Illustrated Schedule B
Returns
(Form 1045) . . . . . . . . . . . . . . . 11
NOL Carryover From 2005 to 2006 . . . . . 14
Worksheet Instructions . . . . . . . . . . . 14
How To Get Tax Help . . . . . . . . . . . . . . 17
Index . . . . . . . . . . . . . . . . . . . . . . . . . . 18
What’s New
Pending legislation. At the time this publica-
tion went to print, Congress was considering
legislation that would provide additional tax relief
for individuals affected by Hurricanes Katrina,
Rita, and Wilma. For more details, and to find
out if this legislation was enacted, see Pub.
4492.
Reminder
Photographs of missing children. The Inter-
nal Revenue Service is a proud partner with the
National Center for Missing and Exploited Chil-
dren. Photographs of missing children selected
by the Center may appear in this publication on
pages that would otherwise be blank. You can
help bring these children home by looking at the
photographs and calling 1-800-THE-LOST
(1-800-843-5678) if you recognize a child.
Introduction
Get forms and other information
If your deductions for the year are more than
your income for the year, you may have a net
faster and easier by:
operating loss (NOL). An NOL year is the year in
which an NOL occurs. You can use an NOL by
Internet •
deducting it from your income in another year or
years.
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