NOL Question

[Bjorn]

Fact Pattern
Tax Payer filed 2006 Form 1040 which had big loss which made an NOL and election was filed to waive two year carry back.
Due to error, NOL was not claimed on 2007 tax return. Income dropped for 2007 & 2008.
Is it possible to "un elect" and bring this 2006 NOL back to 2005 & 2004 which I believe there was a back two and foward twenty back in 2006. Income was pretty good in 2005 & 2004.
Mahalo
Bjorn

[erchess]

Not An NOL Expert

but at one time the years to which you could carry back had to be open years or the tax savings that might have been had were lost. Of course since your client properly opted out of the carry back nothing need be lost. I can't say that I have ever wanted to undo a properly made carry back election but I think it is possible.

Maybe someone else knows better than I do at this point.

[WhiteOleander]

The election to forego the carryback is irrevocable. They will just have to carryforward for the next 20 years.

[erchess]

Here you go

The election to forego the carryback is irrevocable. They will just have to carryforward for the next 20 years.

You just heard from one of the people on this site who knows a lot more about many tax issues than I do.