How do you calculate your "alternative tax net operating loss"?
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.
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