CarryBack NOL from hurricane loss

Forum|Forum|1 year ago
January 27, 2025
2 replies
9 views

Can you direct me to a good explanation for carryback loss from 2024 hurricane loss.

ProSeries Professional

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G

GretaAuthor

Level 7

Going back from a 2024 loss, since 2022 had zero tax, can I go directly to 2023 which did have tax, and what form do I use?

T

TaxGuyBill

Level 15

@Greta wrote:

Going back from a 2024 loss, since 2022 had zero tax,

Carryback NOL? Is this a farm? Or is there a special rule for NOLs that allow a carryback for a disaster (I rarely need to deal with them, so maybe I'm just not aware of it)? Generally, NOLs are only carried forward (except for farming).

In many cases you may have the option to claim the casualty loss in the previous year instead of the disaster year. You would just file a regular amended return to claim it in the previous year, rather than the current year.

https://www.irs.gov/publications/p547#en_US_2023_publink1000225410

T

Terry53029

Intuit Community Champion

See this IRS link. https://www.irs.gov/businesses/small-businesses-self-employed/faqs-for-hurricane-victims-amended-returns

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