I filed clients business and personal tax returns for 2002 and 2003, he had ordinary income from his two S corporations that he ownes 100 shars, in 2004 he had big ordinary losses from that same S corporations and from his LLC (single member) he formed in 2004, can I still file his 2004 returns until April 15, 2008 and claim an NOL carryback for 2002, and 2003,? will he get a refund of taxes he paid for years 2002 and 2003?
-
-
yes
The year that creates the NOL needs to still be open - not the years of the carryback.
If he has the basis to take the losses on his 1040, then you should be good to go. -
Yes
Yes, he can carry back to an otherwise "closed" year for the NOL only (no new items for 2002, for instance) as long as the year the NOL originates in is still open, which it is in your case for a while longer.Comment
Comment