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MikePerk
Level 2
March 16, 2022
Question

Personal client had a large 2020 nol. Carryback waiver not filed and form 1045 not filed. Is it too late to file form 1045 and if so what are his options?

  • March 16, 2022
  • 1 reply
  • 8 views
If the simple form 1045 cannot be used does the client have to file amended returns or can he now waive carrying back the loss?
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1 reply

sjrcpa
sjrcpa
Level 15
March 16, 2022

You have to file 1040Xs to carryback the 2020 NOL to 2015 first, then 2016, etc if not all used.

The election to waive the carryback can only be made on a timely filed (including extension) return.

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