1040-US: Electing to treat a farming loss as if it was not a farming loss

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Question

How do I elect to treat a farming loss as if it was not a farming loss?

Answer

To make this election:

  1. Access Screen Elect, located under the Elections folder.
  2. From the Election No. drop-down list, choose 6 NOL Carryback for Farming Losses.

Notes

  • If you make this election, the loss carryback period will be two years (three years if the loss is an eligible loss).
  • When making this election, select only code 2 or code 3 on the Screen 1045-1 Carryback period to use on Form 1045 field.

Related topic: Form 1045 and net operating loss worksheet FAQs (1040)

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