Amt Nol Calculation Worksheet 6ax1c

Alternative Minimum Tax Net Operating Loss Worksheet A Name:___________________________________ 1.

ID Number:____________________________

Taxable income (if negative enter in brackets)

1 __________

Adjustments: 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21.

Enter the sum of AMT adjustments and preferences from Form 6251 2 __________ Capital gain deduction (years prior to 1987) 3 __________ Enter your nonbusiness capital losses included in line 1 4 __________ Enter your nonbusiness capital gains 5 __________ If the amount on line 4 is larger than the amount on line 5, enter the difference; otherwise, enter zero 6 __________ If the amount on line 5 is larger than the amount on line 4, enter the difference; otherwise, enter zero 7 __________ AMT nonbusiness deductions (see other side) 8 __________ AMT nonbusiness income (see other side) 9 __________ Add lines 7 and 9 10__________ If line 8 is more than line 10, enter the difference; otherwise, enter zero 11__________ If line 10 is more than line 8, enter the difference (but do not enter more than line 7); otherwise, enter zero 12__________ Enter your business capital losses 13__________ Enter your business capital gains 14__________ Add lines 12 and 14 15__________ If the amount on line 13 is larger than the amount on line 15, enter the difference; otherwise, enter zero 16__________ Add lines 6 and 16, but do not enter more than your capital loss limitation 17__________ Domestic production activities deduction 18__________ Net operating losses from other years 19__________ Add lines 2, 3, 11, 17, 18, and 19 Combine lines 1 and 20. This is your alternative minimum tax net operating loss (AMT-NOL)

20__________ 21__________

Caution: If line 21 is zero or a positive number, you do not have an AMT-NOL. *By checking this box ‫ ڤ‬I elect under section 172(b)(3) of the IRC to forego the carryback period. *To forego the carryback period, you must file this statement by the due date, including extensions, for filing your return for the NOL year. Once made, the choice cannot be changed. You must make a separate choice for each AMT-NOL year. If you do not forego the carryback period: • • •

File for a quick refund on Form 1045. You must file Form 1045 on or after filing the return for the AMT-NOL year, but not later than one year after the AMT-NOL year. File for a refund of AMT on Form 1040X. You must file within 3 years of the due date, including extensions, for filing the return for the AMT-NOL year. In either case: Attach this statement of computation of the AMT-NOL.

NATP Form 350 Revised 09/06

Copyright 2006 National Association of Tax Professionals, Appleton, WI 54914. All Rights Reserved

Instructions Determining the AMT-NOL Modifications Modifications represent amounts that are not allowable as deductions in computing an AMT-NOL. They must be added back to the amount on line 1 by completing lines 2-20. Line 2: Enter the total of all the AMT adjustment and preference items from Form 6251. Line 8: AMT Nonbusiness Deductions

Line 9: AMT Nonbusiness Income

________ Medical expenses above 10% of AGI ________ Qualified housing interest ________ Investment interest ________ Charitable contributions ________ Miscellaneous itemized deductions NOT subject to the 2% floor ________ Forfeited interest ________ Alimony paid ________ IRA deductions ________ Other

________ Nontaxable interest ________ Interest and dividends ________ Dividends from an S corporation that was a prior C corporation ________ Alimony received ________ Investment interest and gains from the sale of investment property ________ Taxable pensions and annuities ________ Taxable distributions from an IRA/Keogh ________ Income from limited partnerships ________ Gambling/lottery winnings, nonbusiness prizes and awards ________ Other

________ Total (Enter on line 8 on front of this worksheet)

________ Total (Enter on line 9 on front of this worksheet)

NOTE: Do not enter on line 8 the exemptions amount, capital gain deduction, capital losses, or the NOL deduction for another year. These items are entered on other lines on the worksheet.

NOTE: Do not enter capital gains or capital losses on line 9. These are included elsewhere on the worksheet.

Line 13: Business capital losses from Schedule D: ________ Loss on sale of goodwill Line 14: Business capital gains from Schedule D: ________ Section 1231 gains from sale of business assets ________ Gain from sale of goodwill Line 20: This figure represents the AMT-NOL for the current year. When claiming on Form 6251, the deductible amount is limited to 90% of the AMT income. Examples of AMT Business Income and Business Deductions These items are automatically included in the taxable income amount on line 1 of the worksheet. Do not make a special entry for these items on the worksheet. AMT Business Income

AMT Business Deductions

Salaries, wages, self-employment income Ordinary gains from sale of depreciable business property Ordinary gains from sale of business real estate S corporation and partnership income from Schedule E Rental Income

Impairment-related work expenses S corporation & partnership losses from Schedule E Section 1244 stock losses from Form 4797 Schedule C expenses Schedule F and Schedule E (rental) expenses Interest on business indebtedness

NATP Form 350 page 2