i'm not terribly experienced on a lathe either but it sounds to me like you aren't giving it any clearance. You need the nut to be slightly bigger in order to fit over the bolt. The i.d. should be somewhat larger than the diameter of the bolt and then cut the same depth from that larger i.d. you are basically just putting in a little "slop". Practice makes perfect.
Good Luck
Matt


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. Even when things are running just fine you can get tripped up because you use a piece of 'identical' steel from a different bar and the properties are within spec but just different enough that the tool deflects differently.