Table 1. (Continued). Summary: This is the continuation of the worksheet to determine the net operating loss carryover from 2005 to 2006. The line
items to be
completed are:
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Under
“Adjustment to Overall Itemized Limit:”
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“33. Enter the amount on Schedule A (Form 1040), line 28” field
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“34. Add lines 17, 20, 25, and 30, and the amounts on Schedule A (Form 1040), lines 9, 14, and 27” field
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“35. Add lines 17 and 25, the amount on Schedule A (Form 1040), line 13, and any gambling losses included on Schedule A (Form
1040), line
27” field
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“36. Subtract line 35 from line 34. If the result is zero, enter the amount from line 32 on line 7above and stop here. Otherwise,
go to line
37” field
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“37. Multiply line 36 by 80% (.80)” field
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“38. Subtract $145,950 ($72,975 if married filing separately) from the amount on line 13” field
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“39. Multiply line 38 by 3% (.03)” field
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“40. Enter the smaller of line 37 or line 39” field
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“41. Subtract line 40 from line 34. Enter the result (but not less than your standard deduction amount)” field
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“42. Subtract line 41 from line 33. Enter the result here and on line 6”
field
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