I'm having an issue figuring out what to put for this line. My tax software has kicked a red flag error for this & I can't seem to figure out how to get the value for this line.
I've read the IRS Publication & it is a little confusing.
What I'm trying to do is carry forward a Net Operating Loss for the tax year of
2011 to the tax year of 2012. Last year, I elected to waive the carry back for the NOL.
What I've done thus far, is I have a Net Operating Loss from 2011 that I got from form 1045 - Schedue A for the year 2011. The NOL for 2011 is -3331 which is all business loss (or expenses). The business is an LLC, not a Corp. I put that number in my 1040 line 21 (2012 tax year).
My software has now told me that I need to calculate AMT - Net Operating Loss. It has filled out everything except for line 11 & is asking me to fill them out. The instructions are a little confusing to me.
Can anyone help me calculate AMT - Net Operating Loss?
Any help would be appreciated!
Thanks