Net Operating Loss (NOL) - Utilization of Carryover or Carryback Worksheet

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This tax worksheet is completed for each year in which an NOL is carried back or carried forward.

Generally, if a taxpayer has an NOL for a tax year ending in the current year, the taxpayer must carry back the entire amount of the NOL to the 2 tax years before the NOL year (the carryback period), and then carry forward any remaining NOL for up to 20 years after the NOL year (the carryforward period). The taxpayer can, however, make a tax election not to carry back an NOL and only carry it forward. The taxpayer cannot deduct any part of the NOL remaining after the 20-year carryforward period.

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