I need to do a tax return for an INDIVIDUAL not a CORPORATION. This relates to an old sole proprietorship business that had an NOL in few years of business (2005, 2006, 2007 I think). Amended returns were done (and complete) now the NOL amounts have been figured properly and accepted by the IRS.
#1: I need to know which line carry's over from a previous years 1040 onto the next years return if an NOL exists. Where does it go to calculate correctly (I use Turbo Tax - but that does not matter since the new returns are so simple and they can be done by hand as well). 2009 & 2010 returns need to be complete still and are completely ready with everything except that I am confused on what carries over from previous years and where to put it. 2009 & 2010 are minimal income years as an INDIVIDUAL, mostly unemployment income and very few deductions, simple returns but cannot be filed until I know where to show the carry forward amount.
#2: If there is an NOL for more than one year that is carrying forward do they overlap? Meaning, on the next 2009 return yet to be filed is there a simple figure being brought forward or do you need to calculate from more than one past return.