Carryback

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Subject Author Date Carryback tom23 08-11-2009  Re: Carryback Drew Edmundson 08-12-2009
Posted by tom23 on August 11, 2009, 10:16 am Please log in for more thread options I had a loss in 2008 from an investment in a Ponzi scheme. Turbo Tax presented an option to carry the loss(after applying part of it to my 2008 income) forward or back. I chose to carry it back. Because it was a theft loss, I could carry back as far as my 2005 return. I loaded Turbo Tax 2005, retrieved my 2005 file and started the amend process. I'm stumped about how to enter the carryback amount and what explanation needs to be entered and where to put it. Can anyone give me some advice on this? Thanks. -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Drew Edmundson on August 12, 2009, 11:04 am Please log in for more thread options On Tue, 11 Aug 2009 10:16:09 EDT, tom23 >I had a loss in 2008 from an investment in a Ponzi scheme. Turbo Tax >presented an option to carry the loss(after applying part of it to my >2008 income) forward or back. I chose to carry it back. Because it >was a theft loss, I could carry back as far as my 2005 return. I >loaded Turbo Tax 2005, retrieved my 2005 file and started the amend >process. I'm stumped about how to enter the carryback amount and what >explanation needs to be entered and where to put it. Can anyone give >me some advice on this? > >Thanks. As an alternative, take a look at form 1045 in your 2008 software. Have you looked at Rev. Rul. 2009-9 and Rev. Proc. 2009-20? Drew Edmundson, CPA Cary, NC -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Similar Threads Posted How Much to Take Back on Carryback 1040X September 2, 2008, 1:58 am Carryback, NOL from single filing year to married filing joint year; completing 1040X August 29, 2007, 1:31 am