I have several questions about what to do with a NOL for a self-employed individual. First, an election to waive the carry back was not filed. The NOL was created in 2004. So carry backs must first go to 2002, then 2003 and so on. In
2002, I owed no FIT, but did owe self-employment taxes. If no FIT was due in 2002, but the AGI was positive, do I have to use the NOL to bring the AGI to -0- in 2002? Additionally, does a form 1045 need to be filed as long as there is a NOL balance carried forward (as in filing a Sch. D for Capital losses carried forward in years there were no capital gains?) Hope that was partly clear and TIA.--
- Buddy