George4Tacks
Level 15
01-10-2021
09:08 AM
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If there was no election to WAIVE the carryback period, the client must do the carryback (using 1040X now) for ALL of the carryback years. Just as IRS said, you will need 1040X for 2014, 2015, 2016, 2017, 2018 and then if any NOL is leftover it will apply to 2020.
Answers are easy. Questions are hard!