1120-US: Elect to waive the carryback period of a current-year NOL (carrying NOL forward)(FAQ)

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Question

How do I elect to waive the carryback period of a current-year NOL?

Answer

Generally, a corporation first carries back an NOL two tax years. However, the corporation can elect to waive the carryback period by attaching a statement to their tax return for the NOL year. UltraTax CS generates the election statement to waive the carryback period when either Code 1 is entered for the Current year NOL and waiving carryback under Section 172(b)(3) field on Screen OthInfoC in the General folder, or when (Waive NOL Carryback) is entered in the Election Description field on Screen Elect in the Elections folder.

Related topic: 1120-US: Form 1139 - Application for refund FAQs

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