Am I ready for tax year 2016 or should I have filed form 1045(sch A) for each of the previous NOL years?========>no; Form 1045 is used for a quick tax refund resulting from the carryback of a nol; You must file Form 1045 no later than one year after the NOL year; say You have an NOL for 2015 ,the NOL year,
you're a calendar year taxpayer ,Jan. 1 through Dec 31;you must file Form 1045 no later than Dec 31, 2016
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I do not have a worksheet to keep track of the cumulative NOLs for 2013, 2014, 2015. Is there a form or worksheet where I should keep track of this as well as any portion ?used-up? NOLs which will happen in 2016 tax year?=====>as your NOL deduction includes amounts for more 3 loss years, you need to complete nol worksheet only for one loss year
To determine which year, you need to start with your earliest NOL and subtract each NOL separately from your taxable income figured without the NOL deductionn and Complete this worksheet for the earliest NOL that results in your having taxable income below zero. Your NOL carryover to 2015 is the total of the amount on line 10 of the worksheet and all later NOL amounts |