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NOL

annb
Level 1

I have a corporate client who just filed a 2016 and 2017 tax return with substantial profits (very late filing).  I completed the 2018 and there is a loss.  Can I file Form 1139 to apply the NOL back to 2016 and 2017 or is it too late to do this since the returns are being filed beyond the due date.

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4 Replies 4
sjrcpa
Level 15

Too late for the 1139.

You can do amended returns for the carryback.


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rbynaker
Level 11

Did CARES retro back to 2018?  So T-5 years would be amended 2013 first, then carried forward from there?  I'm probably missing something, I don't see many NOLs.

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annb
Level 1

I thought it might be too late to prepare the Form 1139, however, I am confused about how I would amend the return for the carryback.

 

2016 Profit

2017 Profit

2018 Loss 

Since I can't go back and apply the 2018 loss to 2016 via the Form 1139 how can I carry back via an amended return?

This is a little new to me so I am trying to understand what to do,

Thank you.

 

 

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sjrcpa
Level 15

2018 NOL goes back to 2013 first, then 2014 up to 2017.

You need an amended return for each of those years, or until the NOL is used up.


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