Table 1. (Continued)
Summary: This is the continuation of the worksheet to determine the net operating loss carryover from 2007 to 2008. The line items to be completed are:
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Adjustment to Overall Itemized Limit:
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33. Enter the amount from Schedule A (Form 1040), line 28, or Schedule A (Form 1040NR), line 17
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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
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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
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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
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37. Multiply line 36 by 80% (.80)
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38. Subtract $156,400 ($78,200 if married filing separately) from the amount on line 13
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39. Multiply line 38 by 3% (.03)
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40. Enter the smaller of line 37 or line 39
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41. Divide line 40 by 3.0
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42. Subtract line 41 from line 40
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43. Subtract line 42 from line 34. Enter the result (but not less than your standard deduction amount)
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44. Subtract line 43 from line 33. Enter the result here and on line 7
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