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?

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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.

L

LesEdy

Level 4

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?

Why 5 elections? I think it's just one election per tax year. On the 2020 return it's possible to make up to 3 elections ie for 2018, 2019 and/or 2020. The problem with the software is that it only allows one election (for one year). They need to fix it so you can choose 2018 and/or 2019 and/or 2020.

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