I have a client with a 2019 NOL . The return was filed. Now I am getting ready to to do a 2018 1040-X to carry it back.
Should I have made any election when I filed 2019 to state that I am going to carry it back back to 2018
Also can I carry back the loss to any of the previous 5 years or do I have to apply it to 2014, 2015, 2016 and 2017 before applying it to 2018
Thanks for your help
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Thanks Lisa...I also assume that I do not have to make a statement with my 2019 return regarding the carry back
Correct. You only need to make a statement if you want to make the election to NOT carry it back, and only carry it forward.
As Susan pointed out, another option to amending the 2014 tax return is to file Form 1045. The form effectively gives the refund based on the 2014 tax return, without actually amending 2014. And with the current HUGE backlog of paper-filed returns at the IRS, faxing Form 1045 will result in a refund much quicker than amending.