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M
mj46
Level 3
February 7, 2020

nol carryover

  • February 7, 2020
  • 1 reply
  • 3 views

Is it necessary to file a tax return every year to carry over an NOL.  TP has NOL from 2015 and did not file taxes 2016, 2017 and 2018.  Is filing taxes in 2019 and wants to take NOL carryover from 2015. 

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1 reply

rbynaker
rbynaker
Level 13
February 7, 2020

It's not necessary to file the returns but it is necessary to reduce the NOL carryover by the amounts that would have been "used" had the returns been filed.  IMO, the best way to figure that out is to prepare the returns.  At that point you might as well just file them to head off any IRS nastigrams.

Rick

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