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
1 reply
17 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

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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

CARES Act (passed March 2020) reinstated 5-year NOL carryback for all 2018-2020 NOL's.

Election to waive carryback (if desired) can be made on 2020 tax return, referencing Rev Proc 2020-24.

Proseries is still referring to old law. Hopefully they will update soon, and add all possible 172(b)(3) elections in the 2020 software (such elections are available in Proconnect Online and, I presume, Lacerte, but Proseries has still not been updated).

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