NOL

Forum|Forum|5 years ago
May 20, 2021
1 reply
8 views

Last year my client had over a $100000 loss on her business and I was thinking of going back and filing an Application for Tentative Refund" (form 1045) which was not done
On last year's filing, I checked the box to not transfer the NOL to this year and this year, 2020; however my client can use the loss carryforward. Is there a process to "uncheck" the box and bring the loss forward? Is this just a software issue or is there a process I need to go through with the IRS to bring the loss forward. I use ProSeries.
Thank you

ProSeries Professional

This topic has been closed for replies.

Best answer by sjrcpa

It is too late to do a 1045 for 2019. You would need to do a 1040X.

sjrcpa

Level 15

What year was the NOL?

Did checking the box produce an election to waive the carryback?

The more I know the more I don’t know.

D

dvincentchisholmAuthor

Level 3

It was a 2019 NOL

I did not check any boxes

Thank you

Vince

sjrcpa

Level 15

If you did not check any boxes, then what does this mean?

"On last year's filing, I checked the box to not transfer the NOL to this year and this year, 2020; however my client can use the loss carryforward. Is there a process to "uncheck" the box and bring the loss forward?

The more I know the more I don’t know.

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