NOL for an older year?

[kpangelinan]

If a previous year (tax year 2007) return was filed without an NOL election, is there still a way to carry back and/or forward the loss a year later? File an amendment? Thanks for your help.

[outwest]

It's pretty simple...

Without the election, you first carry back the NOL two years, see how much is burned up, then forward one year, see how much is left, then carry that remainder to 2008.

Who knows: you may see some benefit in 2006 from the NOL carryback as well. Even though you must look at 2005, it's a closed year now so any benefit is lost.

[Bees Knees]

Even though you must look at 2005, it's a closed year now so any benefit is lost.

2005 is not lost. The statute of limitations applies to the NOL year (2007), not the year you are carrying it back to (2005).

[kpangelinan]

what about an older year?

So if 2007 was filed as normal with the large loss and it's now 2009, can we still amend 2005 and 2006 to lower the liability? Thanks,

[Bees Knees]

So if 2007 was filed as normal with the large loss and it's now 2009, can we still amend 2005 and 2006 to lower the liability? Thanks,

Yes. 2005 and 2006 can be amended as long as the statute of limitations has not expired on the NOL year (2007).

[outwest]

Opps..

knew that, otherwise the 5 year carry back provisions would be useless.. arggh, need more coffee..

[AZ-Tax]

Beware, I just got a reply back from the IRS on my clients 07 NOL

I carried back my clients 07 NOL beginning with 2005. IRS has already responded and required addtional forms. Read your form 1040X and 07 form 1045 instructions thoroughly.

[kpangelinan]

Deadline for filing 1045?

If I'm trying to amend 05 and 06 by carrying back a loss from 2007, isn't the deadline to file a 1045 12-31-2008 for the year 2007?

[Maribeth]

If I'm trying to amend 05 and 06 by carrying back a loss from 2007, isn't the deadline to file a 1045 12-31-2008 for the year 2007?

That is correct. You will have to file a 1040X for those two years now. You may use the Form 1045 as an attachment to Form 1040X.

Maribeth

[Davc]

And don't forget AMT NOL.

[luke]

Corp

does this info about NOL carrybacks also apply to a C-Corp? (I know FORM 1139 instead of 1045)
I have CPA friend who insists that Corp cannot get refund for 2005 because of statute of limitations (2005 was JUST filed 06-09)?