1

In 2013 I had gains from trading futures (Section 1256 contracts) and then in 2014 I had losses trading futures. A few months ago I amended my 2013 tax return to claim a refund via a futures loss carryback.

The IRS sent me a letter saying they need additional documentation. Specifically it says:

Your claim did not include enough information to support the new calculation of the alternative minimum tax that resulted from the carryback. Please submit a calculation of your alternative tax net operating loss and a completed Form 6251, Alternative Minimum Tax-Individuals, for the year of the loss. We will also need copies of the original Form 6251 and a revised Form 6251 for each carryback year.

It also mentions a few more forms that I need to send (1040, 6781, Schedule D).

I sent the letter to my CPA who prepared my tax returns and amended 2013 return, and he sent me the documentation.

One thing I am not sure about is the "calculation of your alternative tax net operating loss". Is that separate from the Forms 6251 that the letter mentions?

My CPA included the "Form 1045 - AMT NOL Carryover Worksheet - 2014" with the documentation that he sent me. (To be clear, I never filed Form 1045.) The worksheet has numbers filled in for the "2nd preceding tax year ended 12/31/12" and "1st preceding tax year ended 12/31/13" columns. Would this worksheet satisfy the request for a "calculation of your alternative tax net operating loss"?

Also, should any of the numbers from the AMT NOL Carryover Worksheet have been placed on the revised Form 6251 for 2013? I noticed that Form 6251 for 2013 has a couple lines related to NOLs (Line 10: Net operating loss deduction, and Line 11: Alternative tax net operating loss deduction), but my CPA left both of those lines blank.

Your Answer

By clicking “Post Your Answer”, you agree to our terms of service, privacy policy and cookie policy

Browse other questions tagged or ask your own question.