Hi:1040 2019 NOL Carryback

Hi:

I have a client with a 2019 NOL . The return was filed. Now I am getting ready to to do a 2018 1040-X to carry it back.

Should I have made any election when I filed 2019 to state that I am going to carry it back back to 2018

Also can I carry back the loss to any of the previous 5 years or do I have to apply it to 2014, 2015, 2016 and 2017 before applying it to 2018

Thanks for your help

Mike

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Best answer by mike9

Thanks Lisa...I also assume that I do not have to make a statement with my 2019 return regarding the carry back

Cheers

Mike

Intuit Community Champion

You carry back to the 5th year then carry any unused portion forward until its used up.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

mike9AuthorAnswer

Level 5

Thanks Lisa...I also assume that I do not have to make a statement with my 2019 return regarding the carry back

Cheers

Mike

Intuit Community Champion

Im not sure on that, they changed the game part way through the season and I lost track of the rules!

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪

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