1120-US: How do I stop Form 1139 from printing when there is no carryback of net operating loss (FAQ)

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Question

How do I stop Form 1139 from printing when I do not want to carry back a net operating loss?

Answer

If Form 1139 is printing when a request has not been made to carry back a net operating loss from the current year, it is most likely due to the presence of both a net capital loss in the current year and a net capital gain in at least one of three preceding tax years.

Per Form 1139 instructions, if capital gains exists in previous years and has not yet been offset, a current-year capital loss is required to be carried back before the amount can be carried forward. If all of the capital gains from preceding three years have already been offset, update the Prior (Gain Offset) or Loss Utilized column on Screen CO to reflect this information and stop Form 1139 from printing due to carryback of a current year net capital loss.

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

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