TaxGuyBill
Level 15

Except for your edit, that is correct.

You would amend 2013 to use up the 2018 NOL and amend 2019 to cancel the NOL that was being carried forward (because now it is being used up in 2013).  So that only involves amending 2 tax returns.  Without knowing your pricing structure, it seems like the $3000-ish tax savings may be larger than the cost to amend 2 tax returns.

You would file 1045 to use your 2020 NOL, and the 1045 is based on the 2015 tax return.  You are currently preparing the 2020 return anyways, so the only extra 'time' that is involved here is the time to fill out a 1045.

 

As far as your "edit", each NOL stands alone.  So if you want to "waive the carryback" for one year and not the other, that is allowable.

 

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