Level 5

NOL election to forego carryback period

Forum|Forum|4 years ago
March 7, 2022
2 replies
21 views

Can anybody give me an address to mail the election to forego the NOL carryback period -IRC Section 172 (b) (3). I inadvertently e-filed the tax return before attaching the PDF file...:=(

Thank you in advance!!!

This topic has been closed for replies.

taxshack

Level 6

I personally don't know of any way to just mail an election to the IRS. This the IRS's list of where to file statements and forms and the 172 election isn't on there. https://www.irs.gov/filing/where-to-file-certain-elections-statements-returns-and-other-documents

I think I would just explain it to the client and send it in as an amended return.

Also, I don't know about the other Intuit softwares, but if you are using Proseries, you don't have to attach a PDF. You can make the election by going to Forms>MISCELLANEOUS>Part II and select 2. Elections Statements and then check the box on Line 9 for 172(b)(3).

Hope that helps. Good luck!

Preparing taxes is not my life, but my life is amazing because I prepare taxes.

pacofordAuthor

Level 5

Thank you!!!

abctax55

Level 15

Research a superseding return; that may work to lock in the NOL election.

A superseding return, if filed before the due date of the original return, effectively replaces it. Without research, I do not know if it works for your needs.

HumanKind... Be Both

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