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PaulBoy
Level 1
March 11, 2021
Question

NOL carryback

  • March 11, 2021
  • 1 reply
  • 15 views

With the Cares Act now allowing NOL carrybacks, I need refresher help. I'm planning on doing an amended return instead of the new From 1045 which seems. In 2018 the client had a large Sch C net profit, and they did the maximum SEP contribution. For 2019 and 2020 they had a smaller net loss for the same Sch C business. Does the SEP contribution in 2018 need to be adjusted and reversed in some way?

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1 reply

IntuitAustin
IntuitAustin
Level 10
March 15, 2021
Thank you for your question! Since this is a tax advice question, we’ve moved it to our product discussions board for discussion among your peers.

Cheers!
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