CarryBack NOL from hurricane loss

[Greta]

Can you direct me to a good explanation for carryback loss from 2024 hurricane loss.

[Greta]

Going back from a 2024 loss, since 2022 had zero tax, can I go directly to 2023 which did have tax, and what form do I use?

[Terry53029]

See this IRS link. https://www.irs.gov/businesses/small-businesses-self-employed/faqs-for-hurricane-victims-amended-ret...

[TaxGuyBill]

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@Greta wrote:

Going back from a 2024 loss, since 2022 had zero tax,

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Carryback NOL?  Is this a farm?  Or is there a special rule for NOLs that allow a carryback for a disaster (I rarely need to deal with them, so maybe I'm just not aware of it)? Generally, NOLs are only carried forward (except for farming).

In many cases you may have the option to claim the casualty loss in the previous year instead of the disaster year.  You would just file a regular amended return to claim it in the previous year, rather than the current year.

https://www.irs.gov/publications/p547#en_US_2023_publink1000225410