Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Is the NOL for a corporation carryback for five years automatically?

southdallas
Level 1
Do I have make an election to have the NOL carryback rather forward?
0 Cheers

This discussion has been locked. No new contributions can be made. You may start a new discussion here

1 Comment 1
Terry53029
Level 14
Level 14

 Yes. Generally, you are required to carry back any NOL arising in a taxable year beginning in 2018, 2019, or 2020, to each of the five taxable years preceding the taxable year in which the loss arises. However, you may file an election to either waive the entire five-year carryback period or to exclude all of your section 965 years from the carryback period. Guidance regarding when and how to file these elections is provided in section 4.01 of Revenue Procedure 2020-24