Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

Individual missed NOL election 2 previous yrs returns have NOL's as well. Would you file amd returns to cb the loss to show no benefit or can just carry the loss forward?

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

0 Cheers

This discussion has been locked. No new contributions can be made. You may start a new discussion here

1 Solution

Accepted Solutions
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

View solution in original post

0 Cheers
3 Comments 3
George4Tacks
Level 15
"generates no tax benefit or additional tax due" - Is any of the NOL absorbed?

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