forgot to Carryforward NOL on a prior years form 1040

[Judy rocks]

I forgot to carryforward an NOL on a prior years 1040 tax return for a client. It was a "mail in" that went in last week. I know it will be a couple of weeks at least before it's entered in the IRS computer. Does anyone have any insight into the IRS procedures and know of a way that I can get it stopped so I can send in a correct one with the NOL Carryforward election? Any suggestions?

[veritas]

Welcome to the forum

The answer to your question is on page 8-16 in TheTaxbook.

The election to forgo the carryback must be done on a timely filed return including extensions.

[dtlee]

Unfortunately, once it is signed and mailed, there is little that you can do to get it back.

I believe I looked this up once and there is a procedure for electing to forego the carryback. I believe you must file a statement wiht an amended return within 6 months of the due date of your original filing date (excluding extensions). See publication 536 (I think).

[Judy rocks]

can't elect carryforward on late tax returns

I've never seen it denied on a late filed tax return. Have you? You're saying filing late causes you to lose the right to choose to Carryforward. That does make some sense.

[taxea]

check the NOL pub from the IRS

[rjholmes]

Am I reading it right?

The post reads as if it is a prior nol carryforward that was not put on this year's return. If that is the case, do an amended return to include it.

[Judy rocks]

NOL in the current prior year

This was a 2007 tax return that was filed in 2011 that had an NOL in 2007.

[erchess]

My conclusion

OK so everything was in place to carry an NOL Forward from 2007. Back in 2007 either it was carried back to whatever the number of years was then or a timely filed election was made to only carry it forward and it was carried forward to 08 and 09. Now 10 got filed on paper without the carryforward. You can't undo what was done. I would wait until I knew the IRS had processed the original. Perhaps there is a refund to be received or perhaps a letter about it will come or perhaps after at least 12 weeks the Practitioner Priority Line can tell you it's been processed. If a check was sent in with it I'd not amend until one of the other signals has happened and the check has been cashed. Then you simply amend and claim whatever refund is due.

Judy you seem to be new to the board so welcome to it. If you want advice on smoothing ruffled feathers of a client you can ask for it and probably get some very good responses but I won't go there unless you do ask.