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

Alerts and notices
Leave feedback

Internal Employees: Submit feedback

Contact information (optional):

Leave this blank:

Please tell us how we can make this information more helpful.

Characters left:

MFA required for electronic filing

Effective May 3rd, the 2017 version of UltraTax CS requires multi-factor authentication (MFA) to access the electronic filing transmission feature in CS Connect.

Thomson Reuters is committed to proactively evolving our security features to help you protect your firm and your clients' data. For more information about multi-factor authentication, see Multi-factor authentication overview.


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


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

Share This