evan
Level 1
12-06-2019
05:13 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Do I simply file an 1040X for 2017 to reject the election and carry back the loss to 2015?
Best Answer Click here
Labels
TaxMonkey
Level 8
12-06-2019
05:13 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
No, election is irrevocable.
(iv)Election
Any taxpayer entitled to a 2-year carryback under clause (i) from any loss year may elect not to have such clause apply to such loss year. Such election shall be made in such manner as prescribed by the Secretary and shall be made by the due date (including extensions of time) for filing the taxpayer’s return for the taxable year of the net operating loss. Such election, once made for any taxable year, shall be irrevocable for such taxable year.
abctax55
Level 15
12-06-2019
05:13 PM
- Mark as New
- Bookmark
- Subscribe
- Permalink
- Report Inappropriate Content
Generally, no. The election to forgo the NOL carryback is binding.
HumanKind... Be Both
