Nonbusiness deductions on Form 1045 Schedule A and NOL Worksheet 1
UltraTax CS automatically includes the following nonbusiness deductions on Net Operating Loss Worksheet 1, line 6:
- Taxpayer and spouse IRA deductions
- Taxpayer and spouse self-employed health insurance deductions
- Student loan interest deduction
- Keogh, SEP, and SIMPLE deductions
- Penalty on early withdrawal of savings
- Alimony paid
- Other adjustments
- Itemized deductions (less any casualty or theft losses and unreimbursed employee business expenses) or the standard deduction if taken
- Amounts entered in theNonbusiness deduction adjustmentfield on the1045-3screen in the1045 & NOLfolder
