Net Operating Loss (NOL) carryovers from the Beneficiary's K-1 Worksheets, line 11d and 1040 Wkt 6, are calculated in the Amount field on line 21 of Form 1040. These amounts are subtracted from the total so that it may result in a negative number on line 21.
This information applies to all years of the UltimateTax software.
Solution Article:
NOL Election not to carry back
1045 - Application for Tentative Refund
