NOL EXPLANATION???
NOL EXPLANATION?? I JUST NEED A GENERIC EXPLANATION TO USE.
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3 Replies
PhoebeRoberts
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03/01/10 11:46am PST
NOLs are pretty self-explanatory. For what purpose do you need an explanation?
If I wanted phone calls, my phone number would be in my profile. If you have a question, post it in the applicable forum.
03/01/10 12:18pm PST
If you are referring to the NOL carryforward explanation on the 1040, I write "NOL carryforward", it has worked so far.
03/01/10 12:39pm PST
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Explanatory Note (1) or X depending if you have other notes
"To report the Net Operating Loss (NOL) incurred in year 2X10, elected to be carried back (3, or 5 years based on the rules followed) from year 2000X to 20XX and Carried Forward 20 years to subsequent years 20X0, until used up or, a cumulative gains reported ,which ever occurred first"
