NOL carryover

[AccTaxMan]

Taxpayer had a huge loss from a prior year tax return (2009 tax return). He used part of the NOL in his 2010 tax return and also part of it in his 2011 tax return. There was still a remaining portion that could have been carried forward to his 2012 tax return. But the tax preparer of his 2011 tax return has forgotten to attach a note to make the election to carry forward the remaining portion of the NOL. Does that mean it is impossible for the taxpayer to claim the deduction in his 2012 tax return now?

[Matt Sova]

NOL Carryover

I believe the election has to be made in the loss year. Subsequent years wear some of the NOL is used do not need another election.