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    • Created with Sketch. See what's trending for the upcoming tax season. Lacerte | ProConnect | ProSeries
    Created with Sketch. See what's trending for the upcoming tax season. Lacerte | ProConnect | ProSeries
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    2020 NOL carryback

    evan1
    Level 2
    ‎09-02-2022 04:03 PM

    If you didn't elect to forgo the Carryback for an individual's 2020 NOL, have you lost it going forward?  It looks like there was a time limit in claiming it.  Can you amend the 2020 return and make the election to forgo in 2022?

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    3 Comments 3
    TaxGuyBill
    Level 15
    ‎09-02-2022 04:19 PM

    If the election was not made on the 2020 return, it must be carried back to 2015.

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    evan1
    Level 2
    ‎09-02-2022 05:20 PM

    Can carryback be done now?

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    TaxGuyBill
    Level 15
    ‎09-02-2022 05:40 PM

    Yes.

     

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