I just completed a very delinquent 2009 MFS return with a substantial NOL for a client.. Does anyone remember the 2009 NOL Rules? I am thinking carryback three years and then forward fifteen because you must file timely to avoid the carryback. I am also thinking that it is too late to get the refunds from 06, 07, and 08 because they are closed years but I particularly wonder if that is right. Can anyone tell me I am right or set me straight if I am wrong? I also vaguely recall that you do not amend the previously filed returns but what form do you claim the carryback on? Also what if a year to which you carry forward has already been filed?
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Looking at my updated 2009 TTB WebCD, it says that a 2009 NOL is carried back 2 years under regular rules, but that there was a special election to carry it back 3, 4, or 5 years if that is what you want to do. As far as closed years are concerned, an NOL can be carried back to an otherwise closed tax year for a refund of tax in that closed tax year as long as the year that generated the NOL is not yet a closed year. -
You are a joy to read
This is my first ventur into this forum. Your resonses are a joy to open and read.
Fred r hatcher
frhatcher@abcats.comComment
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