swacpa
Level 2

Individual filed return late so missed election to carry loss forward only. Carrying loss back generates no tax benefit or additional tax due. do you think you need to file the amended returns to show that to the IRS and do you feel the amended returns are not needed and you can carry the loss forward? Preparing the amended returns show no loss will be used and it all will be carried forward.


Thank You

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George4Tacks
Level 15
"generates no tax benefit or additional tax due" - Is any of the NOL absorbed?

Here's wishing you many Happy Returns
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swacpa
Level 2
no, none absorbed.
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George4Tacks
Level 15

I would not amend if neither of the two prior years absorbs any of the loss. Be sure to keep detailed documentation of all computations. 


Here's wishing you many Happy Returns

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