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- Personal client had a large 2020 nol. Carryback waiver not filed and form 1045 not filed. Is it too late to file form 1045 and if so what are his options?
Personal client had a large 2020 nol. Carryback waiver not filed and form 1045 not filed. Is it too late to file form 1045 and if so what are his options?
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MikePerk
Level 1
03-16-2022
02:06 PM
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If the simple form 1045 cannot be used does the client have to file amended returns or can he now waive carrying back the loss?
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sjrcpa
Level 15
03-16-2022
02:24 PM
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You have to file 1040Xs to carryback the 2020 NOL to 2015 first, then 2016, etc if not all used.
The election to waive the carryback can only be made on a timely filed (including extension) return.
Ex-AllStar
