New (tax) year, new help!
Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.
Question
How do I elect to waive the carryback period of a current-year NOL?
Answer
Generally, carryback of net operating losses arising in tax years beginning after December 31, 2017 is no longer permitted except for losses from farming activities or certain insurance companies. If the NOL is eligible for carryback, 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.
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