NOL Carryforward Election

[Burke]

Election to forego carryback NOL, and carryforward only: can these returns be efiled? Cannot locate this option on Election worksheet in software.

[Matt Sova]

Yes

My software has an election built in. Have e-filed many of them.

[Roland Slugg]

If the taxpayer happens to be a corporation, there is a check box right on F-1120 (on p4, I believe) to make the "carry forward only" election.

[Snaggletooth]

Never Seen as Many

Actually I've never seen as many carryforwards, and yes they will e-file.

With so many businesses in recession and reporting losses from 2009 to 2011, any loss incurred would
not result in any benefit to carry back. I had one client who lost so much money in 2008, his AGI will
not see daylight until 2013. I almost backed away from this, but he was able to show me where he had
borrowed a ton of money.

[joanmcq]

In ATX, it's on the 1040 tab, first election listed.

[Burke]

In ATX, it's on the 1040 tab, first election listed.

Thanks to all. I knew it had to be in there somewhere. Was looking in wrong place (actually where it should have been, but isn't.)

[taxea]

ProSeries has a checkbox for it...maybe on the NOL form????

[Burke]

One more question, as I am not an expert in this subject. Since we are not carrying back, only forward, is there any need for Form 1045? I have NOL worksheets, and Form 1045 is for applying for refund in previous years, is it not?

[ATSMAN]

Form 1045 not required, just the worksheets produced by your software for carryforward.