how to opt out of NOL carryback in 2018 software

empa1067 · ‎03-11-2021

I have a C Corporation that had a net operating loss in 2018 we were carrying forward. Now with the CARES act making the carryback a default for tax years 2018, 2019 and 2020, I have to amend to opt of of the carryback. I can see how you do this in the 2019 software, but not in the 2018 software which is the year I need to opt out using section 172(b)(3). How do I proceed? thank you!

sm965897 · ‎03-11-2021

Thanks for your question. At this time, the checkbox to elect out of the carryback has not been added to the 2018 program. Therefore, if the carryforward/carryback is not correct, you will need to manually adjust it in the program, using overrides if necessary.

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