Discussion:NOL Carryforward

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Revision as of 06:31, 22 October 2008

Discussion Forum Index --> Advanced Tax Questions --> NOL Carryforward
Discussion Forum Index --> Tax Questions --> NOL Carryforward

Cporter1 (talk|edits) said:

22 October 2008
I am preparing 04 - 07 1040's for a client with schedule C. He has a NOL in 05 and 06. I understand the time is past to elect to forego the carryback for both of those NOL's (172(b)(3)). The 05 NOL will then need to be carried back to 03 where it can be used but where no refund can be generated (so I am not planning on amending the 03). The 06 NOL will need to be carried back to 04, where it cannot be fully used, then to 05, where it cannot be fully used, then to 07 where it can be fully used. I assume I can put it on the original returns seeing as they have not yet been filed.

Please let me know if my thinking is correct on this. THANKS!!

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