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southdallas
Level 1
September 29, 2021
Question

Is the NOL for a corporation carryback for five years automatically?

  • September 29, 2021
  • 1 reply
  • 11 views
Do I have make an election to have the NOL carryback rather forward?
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1 reply

Terry53029Intuit Community Champion
Intuit Community Champion
September 29, 2021

 Yes. Generally, you are required to carry back any NOL arising in a taxable year beginning in 2018, 2019, or 2020, to each of the five taxable years preceding the taxable year in which the loss arises. However, you may file an election to either waive the entire five-year carryback period or to exclude all of your section 965 years from the carryback period. Guidance regarding when and how to file these elections is provided in section 4.01 of Revenue Procedure 2020-24

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