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E
evan1
Level 3
September 2, 2022

2020 NOL carryback

  • September 2, 2022
  • 1 reply
  • 8 views

If you didn't elect to forgo the Carryback for an individual's 2020 NOL, have you lost it going forward?  It looks like there was a time limit in claiming it.  Can you amend the 2020 return and make the election to forgo in 2022?

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    1 reply

    T
    TaxGuyBill
    Level 15
    September 2, 2022

    If the election was not made on the 2020 return, it must be carried back to 2015.

      E
      evan1Author
      Level 3
      September 2, 2022

      Can carryback be done now?

      T
      TaxGuyBill
      Level 15
      September 2, 2022

      Yes.

       

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