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Net Operating Loss Carryback and forward for a 2013 tax return that has not yet been filed.

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Level 1

Hello, I have a client whom have not filed his 2013 tax return with a NOL of >$300K. I am ready to file his tax return today, but will I still be able to carryback 2 years and carryforward the NOL for 2014-2017 tax return onwards OR has his statue of limitations already passed? 

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Level 12

You will need to calculate the NOL carryback and forwards, but the Statute of Limitations for a refund is over for 2011, 2012 and 2014.   Any income for those years will absorb and reduce the NOL carryover.

If there is any NOL carryforward left, that is carried to 2015, which is still eligible for a refund.

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Level 12

You will need to calculate the NOL carryback and forwards, but the Statute of Limitations for a refund is over for 2011, 2012 and 2014.   Any income for those years will absorb and reduce the NOL carryover.

If there is any NOL carryforward left, that is carried to 2015, which is still eligible for a refund.

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Level 15
Election to forego carryback has also expired, which means absorption for the carryback years would need to be accounted for.
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