how to opt out of NOL carryback in 2018 software

Forum|Forum|5 years ago
March 11, 2021
1 reply
4 views

I have a C Corporation that had a net operating loss in 2018 we were carrying forward. Now with the CARES act making the carryback a default for tax years 2018, 2019 and 2020, I have to amend to opt of of the carryback. I can see how you do this in the 2019 software, but not in the 2018 software which is the year I need to opt out using section 172(b)(3). How do I proceed? thank you!

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Best answer by sm5463

Thanks for your question. At this time, the checkbox to elect out of the carryback has not been added to the 2018 program. Therefore, if the carryforward/carryback is not correct, you will need to manually adjust it in the program, using overrides if necessary.

S

sm5463Answer

Level 3

Thanks for your question. At this time, the checkbox to elect out of the carryback has not been added to the 2018 program. Therefore, if the carryforward/carryback is not correct, you will need to manually adjust it in the program, using overrides if necessary.

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