Form 1120: Amending Schedule K Line 11

[tpnl]

Am I required to file an amended 1120 schedule K when the IRS rejects Form 1139 to carryback a loss?

Originally filed 1120 schedule K question 11 not checked. Filed Form 1139 to carryback the loss. The loss carryback was rejected. Do I need to now file an amended 1120 schedule K with line 11 box checked to be able to now carryforward the loss?

Also, does anyones software allow them to e-file 1120 superseding returns?

DRAKE allows Amended 1120 but not superseding returns.

Thanks.

[Bees Knees]

You can't elect to carry forward an NOL after the original due date plus extensions for the year of the NOL. So your only option is to first carry it back.

You didn't say why IRS rejected your carryback, but generally you have 12 months from the end of the NOL tax year to carry it back with an 1139. If that date has passed, your only other option is to use the 1120X to carryback the NOL. If the NOL carryback on the 1139 was rejected for some reason other than missing the deadline, chances are that same reason will be rejected on an 1120X carryback.