Question

NOL Carryforward

Forum|Forum|1 year ago
March 7, 2025
1 reply
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I have NOLs in 2018, 2019 and 2020. 5 year carryback was not used for those NOLs. No NOLs in 2021, 2022, 2023 and no NOL Deductions used. Can i use these NOLs for NOL deduction in 2024?

M

Mike9241

for 2018-2020, did you include in your return an affirmative election to carry forward the year's NOL? just not carrying back the NOL is not sufficient. if you made the election the unused amounts should have been reported in the following years' returns to see if any were used. If you did, then the NOLs are available in 2024.

A

alex152Author

Ok, so if election was made in any of those years, I can still amend 2021-2023 returns and claim the NOL Deduction and then claim the remaining NOLs on 2024? If election was not made, there is nothing can be done to use those NOLs?

IsabellaG

That's correct. The election to forgo the carryback period must have been made by attaching a statement to your return by the due date of the return, including extensions, and the election is irrevocable. If you failed to make the election then, you could have filed an amended return within 6 months of the due date of the return to make the election. Mike9241 explained how this would be handled had you made the election.

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