Too Late for 2008 NOL

[equinecpa]

Deadline for filing a 2008 1040 claim for refund is 04/17/2012. Is that also the deadline for filing a NOL farm claim? Can the client still carryback a farm loss 5 years and get a refund?

Client also incurred a loss in 2006 ended up carrying that back to 2001-2005 to use it. So I start with 2005 for this one don't I? Too late on 04/15 to be dealing with this kind of thing!

[Lion]

I'm not sure I understand your question. You may be mixing too things.

If you need to file or amend a 2008 return to get a refund, yes you have to do that now. If that 2008 return has an NOL, you have to carry it back (is it five years?) because it's too late to waive the carryback.

If the 2011 return has an NOL, you can elect to waive the carryback or carry it back (again, is it five years?) Any previous NOLs do not change your options for the 2011 NOL.

[superman]

When is the DEADLINE?

When is the deadline to receive a refund for 2008? Is it 04/15/12 or 04/17/2012? I can not find an accurate answer.

[Lion]

http://www.irs.gov/newsroom/article/0,,id=254725,00.html?portlet=107

I always thought it was 3 years from the due date including extensions, which would make it 15 April 2012 if 2008's due date was 15 April. But, the IRS does move deadlines to the next business day after weekends &/or holidays. So, the 15th is Sunday and the 16th is Emancipation Day, so I guess Tuesday 17 April for filing or amending for a 2008 refund. I also thought amendments had to be RECEIVED by the deadline and not just postmarked, but some IRS bulletins have said differently. If it were for my client, I'd research further.

[equinecpa]

To clarify my question: I'm finishing a 2008 1040 for a client -he has a farm NOL. Does this have to be filed by 04/17/12 to keep that NOL valid and usable? He'll be carrying back the loss to get a refund of 2005 taxes.

I read through the pub 536 for 2008 and I'm still unsure exactly what the deadline is to make a NOL claim.

[taxea]

When is the deadline to receive a refund for 2008? Is it 04/15/12 or 04/17/2012? I can not find an accurate answer.

IRS told me it is 4/17/12

[dtlee]

IRS told me it is 4/17/12

It is.

See here:

http://www.thetaxbook.com/forums/showthread.php?p=138600