Can I file a 1040-X while making more than on change?
Hi!
I need to amend a 2024 1040 for two issues. 1) adding business income and expenses with net loss, 2) carrying over to 2024 a 2021 NOL.
First, I added the business amounts in Schd C with resulting net loss flowing into Schd 1, and the 1040-X shows the proper “revised” AGI and Taxable Income $51,111.
Then, I input the 2021 NOL being carried over, using -per the rule - an amount equals to 80% of “revised” taxable income (-40,889). At that point the 1040-X ends up showing a negative amount (-21,127) on line 3, column C, and the a Federal statement is generated showing taxable income of (-21,127) instead of $0, and taxable income before the NOL of $19,762, instead of $51,111. The refund amount is correct.
The generated Federal statement continues with showing $19,762 of 2021 NOL was used instead of $40,889, thus showing the wrong NOL amount being carried over to 2025.
I wrote a detailed and clear statement for the reasons to amend, but since the return will probably only be “read” by a computer , I am concerned that it will ignore my written statement and carry forward the above discrepancies.
Thank you for your time!
