Too late to file Form 1045 for 2020 NOL?

[mhkdgal]

I understand that Form 1045, Application for Tentative Refund must generally be filed within one year of the end of the tax year in which the NOL was generated.   So, for a NOL generated in 2020, the deadline to file the 1045 would have been 12/31/2021.

Does that deadline get extended out if you file a 2020 amended tax return?  I just completed a 2020 amended tax return for a client in Feb 2022.  Does anyone know if I can use that date as the date the return was filed and still file the Form 1045?

If Filing the 1045 is no longer an option, I can still file amended returns for the previous years to carry back the NOL, correct?  But, I could not go back and amend 2016 and 2017 using 1040-X could I?

Thanks in advance for any help/input!

[sjrcpa · Accepted solution]

A 1040X does not start a new clock for 1045.

A 2020 NOL gets carried back to 2015 first, then 2016, and forward, etc. using 1040X now that you can't use 1045.

[mhkdgal]

Thank you @sjrcpa, I was being hopeful the 1040x started a new clock, but thank you for confirming it does not.  Can I file 1040-X all the way back to 2015?  I thought you had to file an amended return within 3 years (including extensions) after the date you filed your original return or within 2 years after the date you paid the tax, whichever is later.

Thank for your help!

[sjrcpa]

The 5 year NOL carryback rule overrides the 3 yr/2yr rule.

[mhkdgal]

Awesome - thank you so much!

[sjrcpa]

You're welcome.