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S
SGrundmanEA
Level 2
April 27, 2021
Question

NOL CARRYOVER/CARES ACT ?

  • April 27, 2021
  • 2 replies
  • 15 views

Client has NOL in 2020. Loses in 2019, 2018, income I am assuming in 2016 and 2017 that would eat the NOL up. What do I need to make this work? I see that Lacerte generates a NOL worksheet for the carryover for 2021. If I decided to not do the 1045, but rather do the amended 2016 and 2017 1040-X, do I need to override or make an election in the 2020 1040 that states it isn't carrying over to 2021? 

Thanks for the help! 

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2 replies

sjrcpa
sjrcpa
Level 15
April 27, 2021

It automatically is a carryback unless you elect out.

It is much easier and quicker to process to do the 1045 than 1040X. You have until 12/31/2021 to do the 1045 for a 2020 NOL.

The more I know the more I don’t know.
    T
    TaxGuyBill
    Level 15
    April 27, 2021

    Why would you not use 1045?

    And it is carried back FIVE years, which is 2015.

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