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Level 2
April 29, 2021
Question

how do you input on form 1045 nol for 2018,2019,2020

  • April 29, 2021
  • 1 reply
  • 4 views

I always made my NOL go forward but now taxpayers could go back and get a refund from a tax liability year 2017.can I make all 2018nol,2019nol,2020nol go to 2017 tqax year to get the benefit because no tax liability in the other years

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1 reply

sjrcpa
Level 15
April 29, 2021

1. It's a 5 year carryback. 

2. 1045 can only be used for the 2020 NOL. It must be filed by 12/31/2021. For 2018 and 2019 NOLs you need to file 1040X for each carryback year.

The more I know the more I don’t know.