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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View Lacerte Hot Topics.
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- Can I use 2020 Form 1045 to carry back 2020 NOL to tax year 2016?
Can I use 2020 Form 1045 to carry back 2020 NOL to tax year 2016?
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morena60
Level 1
09-16-2021
06:01 PM
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Received IRS letter stating 2020 NOL must be carried back five years to the earliest available gain year.
That would be 2016.
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George4Tacks
Level 15
09-16-2021
11:38 PM
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2 - 2018
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IRS actually sent you (or client) a letter about NOL carryback? You use the work "gain" year. What do you mean by that?
If the NOL is generated in 2020, yes you would use the 2020 form 1045
Answers are easy. Questions are hard!
