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NOL carryback
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PaulBoy
Level 1
03-11-2021
12:27 PM
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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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IntuitAustin
Intuit Alumni
03-15-2021
09:47 AM
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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.
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Cheers!
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