Comments for K1 and 1099

Average Rating starstarstarstar

Click here to add your own comments

May 11, 2011
To Break Even
by: Stephanie

If you had your taxes filed for you and he said you broke even, this usually means that you don't owe anything and you are not getting anything back.

There is what is known as a net operating loss carryover that you may be entitled to that could help reduce next year's possible taxable income since your losses are so much greater than your income.

For more information see Pub 536, Net Operating Losses (NOLs) for Individuals, Estates and Trusts

Click here to add your own comments

Join in and write your own page! It's easy to do. How? Simply click here to return to Income Tax Questions.

Return to K1 and 1099.

Please subscribe to my monthly newsletter, Bookkeeping Basics E-zine. It tells you every month about the new information that I have added, including some great tips and advice from myself and other Bookkeeping Basics readers.

Enter Your E-mail Address
Enter Your First Name (optional)

Don't worry — your e-mail address is totally secure.
I promise to use it only to send you Bookkeeping Basics E-Zine.