Is 172 (b)(3) election required to waive carryback of individual return non-farm nol for 2018 or is it automatic?

Forum|Forum|6 years ago
December 7, 2019
9 replies
23 views

client has nol from land rent on schedule e. program help says 172(b)(3) election is only for certain farm losses and insurance companies. so to waive the carryback period does this election still need to be attached?

ProSeries Professional

This topic has been closed for replies.

Best answer by sjrcpa

There is no longer an NOL carryback so there is nothing to waive.

sjrcpaAnswer

Level 15

There is no longer an NOL carryback so there is nothing to waive.

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

sjrcpa

Level 15

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

K

Kfd

Level 2

It's been fixed. However, separate elections for 2018 and 2019 are still not available.

I have a client that could benefit from electing to waive the NOL carryback for 2020. Would we need multiple copies of the IRC section 172 (5 to be exact) since we need to make 5 separate elections for each year? Currently, I can only access one copy. Is this what you mean by separate elections or is there another area that is also not updated?

Sign up

Login with SSO

Let's get you signed in

Login with SSO