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Alaska amended return to waive NOL Carry back for 2019

Amy S
Level 2

Has anyone had to amend an Alaska Corporate return to waive the NOL carryback due to changes from the CARES act. It is due by September 30. I've attached the PDF to make the election. The explanation for the amended return in Lacerte lets you put about 8 words in it. I hope the state of Alaska accepts it and I can't get rid of the critical diagnostic to attach the PDF even though I've done so.

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5 Replies 5
George4Tacks
Level 15

try "see attached NOL election" I don't do Alaska, so are you sure that need to waive the carryback? Can you still amend this late?

The diagnostic is just a warning and can be ignored, if you did the attachment.  See Q3 https://proconnect.intuit.com/community/individual/help/diagnostic-reference-ref-frequently-asked-qu...

 


ex-AllStar
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Amy S
Level 2

Yes, I'm sure. I got a update yesterday that said

CRITICAL: Alaska changes to current year NOL carryforward treatment

CARES Act Changes affecting NOL: The state of Alaska has issued an updated Form 6000 with instructions for waiving the carryback of NOLs arising in TY18 and TY19 (Available in Lacerte version 40.0916). All Alaska corporate returns (Form 6000) with TY18 and TY19 NOL carryforward will be treated as NOL carried back by the state unless election to waive NOL carryback is filed by September 30, 2020. 

It went on to say that to make the election I would need to PDF an election statement and e-file it with an AK Amended Form 6000 and check the "forgo the NOL carryback" checkbox on page 1.

Amy S
Level 2

Does anyone know if you made the election on the 2019 return if you have to do it again in 2020. Lacerte will not let me check the box on the front of the AK return that says Carryback is waived for net operating loss. 

Should I just attach the statement again to be safe and leave the box unchecked? I DO NOT want to have to amend the return again this year. 

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sjrcpa
Level 15

Waiving the carryback for an NOL is specific to each year that has an NOL. If 2020 has an NOL, you'll need to make an election to forego the carryback.


ex-AllStar
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Amy S
Level 2

Then Lacerte needs to fix it. There is no way to check that box. 

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