Discussion:NOL carryback to the 5th year ('03)

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Discussion Forum Index --> General Chat --> NOL carryback to the 5th year ('03)


Jr (talk|edits) said:

3 March 2010
WHBAA of 2009 allows a recant of NOL carryback revocations for 2008 (3, 4, 5 years)with carryback to the 5th preceding year ('03) is limited to 50%. Normally I would have used the 2008 form 1045 but the changes in the way the NOL is carried back to the 5th yr. do not compute correctly on that form. I informed my client to wait and use the 2009 form 1045. This form has not been released yet and the IRS has until the end of the year to do so. That is not good news for the client and the uncertainty of when that form will be available is causing them to want to amend for '04 and '05 instead, which will produce a much lower return. Has anyone else had success yet for this (carrying back to '03)without using the 2009 1045?

Kevinh5 (talk|edits) said:

3 March 2010
forms don't compute by themselves, they require either software or a tax professional

tax professionals know or learn how to use the yellow search box on the left - this question has been asked before

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