Explanation statement on 1040 / Sched 1 ln 8 regarding NOL

Forum|Forum|2 days ago
September 29, 2026
7 replies
70 views

TP wants to forgo NOL carryback. ProSeries requires an ‘explanation statement’ on review. Does explanation require calculations or can I just state in plain language reason?

ProSeries Professional

Best answer by INGIT

Thanks for this info, very helpful. I can view the completed statement on ProSeries, but it doesn’t want to auto-fill. Called intuit. They said they don’t provide such verbiage - blah, blah … I’ll just copy what I see and like the dermatologist said “Thatszit”

T

Terry53029

Intuit Community Champion

Plain language is fine as long you make it clear that TP wants to forgo NOL carryback under section 172

I

INGITAuthor

Level 4

Thank you …

Just-Lisa-Now-

Intuit Community Champion

If you go to the list of elections (ctrl + f type in EL) , you can check the box for that one and it will do it automatically.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

I

INGITAuthorAnswer

Level 4

Thanks for this info, very helpful. I can view the completed statement on ProSeries, but it doesn’t want to auto-fill. Called intuit. They said they don’t provide such verbiage - blah, blah … I’ll just copy what I see and like the dermatologist said “Thatszit”

sjrcpa

Level 15

Are you sure you have an NOL carryback to waive? What year return? Farming loss?

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

I

INGITAuthor

Level 4

Yes. 2025. No. Thanks for the reminders tho’.

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