On a properly extended 2009 return -
Taxpayer had an NOL. Taxpayer wanted to carry the NOL back to 2004 under the special provisions.
A paper return was filed within the extension period and with an election to carry the NOL back under the special provision. The election was correct in all aspects except that it specified a four year carryback not a five year carryback.
At the same time a 1045 was prepared - but mailed two days later - correctly carrying back the NOL to 2004.
The IRS sent a letter rejecting the 1045 and saying the 1040 must be filed before the 1045 - it was, but IRS just had not processed it yet - and to submit the justification that taxpayer qualified for 5 year carryback.
When going to the file to pull the election statement to send with the 1045. discovered the error that the wrong (4 year versus 5 year) election statment went went with the 1040.
Is it sufficient to just send the five year election statement with the 1045?
Does the 1040 need to be amended to include the correct five year election?
Can the 1040 be amended to change the election?
Thanks.
Taxpayer had an NOL. Taxpayer wanted to carry the NOL back to 2004 under the special provisions.
A paper return was filed within the extension period and with an election to carry the NOL back under the special provision. The election was correct in all aspects except that it specified a four year carryback not a five year carryback.
At the same time a 1045 was prepared - but mailed two days later - correctly carrying back the NOL to 2004.
The IRS sent a letter rejecting the 1045 and saying the 1040 must be filed before the 1045 - it was, but IRS just had not processed it yet - and to submit the justification that taxpayer qualified for 5 year carryback.
When going to the file to pull the election statement to send with the 1045. discovered the error that the wrong (4 year versus 5 year) election statment went went with the 1040.
Is it sufficient to just send the five year election statement with the 1045?
Does the 1040 need to be amended to include the correct five year election?
Can the 1040 be amended to change the election?
Thanks.