NOL

[annb]

I have a corporate client who just filed a 2016 and 2017 tax return with substantial profits (very late filing).  I completed the 2018 and there is a loss.  Can I file Form 1139 to apply the NOL back to 2016 and 2017 or is it too late to do this since the returns are being filed beyond the due date.

[sjrcpa]

Too late for the 1139.

You can do amended returns for the carryback.

[rbynaker]

Did CARES retro back to 2018?  So T-5 years would be amended 2013 first, then carried forward from there?  I'm probably missing something, I don't see many NOLs.

[annb]

I thought it might be too late to prepare the Form 1139, however, I am confused about how I would amend the return for the carryback.

2016 Profit

2017 Profit

2018 Loss 

Since I can't go back and apply the 2018 loss to 2016 via the Form 1139 how can I carry back via an amended return?

This is a little new to me so I am trying to understand what to do,

Thank you.

[sjrcpa]

2018 NOL goes back to 2013 first, then 2014 up to 2017.

You need an amended return for each of those years, or until the NOL is used up.