I am preparing a NOL carryback from 2008 to 2006. Client has 15 K-1's from S Corp and Partnerships, some have capital gains and capital losses. In calculating the NOL, I'm having trouble defining "business" and "nonbusiness" capital gains/losses.
If you enter all the K-1s onto the appropriate K-1 worksheets, the program will carry all the info to the correct lines and determine whether or not there is any NOL. If there is any NOL, it will be carried to the NOL worksheet which will give you the amount to carry back to earlier years.
