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IRC Section 172 (b) (3) carryover election

I just mailed in my 2017 tax return about 4 weeks ago (5-29-20). I had an NOL and elected to carry it forward, which is normally irrevocable. However, I have since discovered that my election is way past the due date. I'm thinking this should automatically make the election invalid, and I can just go ahead and proceed with a carryback to 2015. Am I correct in this assumption? How does the IRS normally handle this type of situation? Do they generally regard the election as invalid and require a carryback, or do they generally just accept it anyway? Or do I need to take some other action?

I am hoping I can just move forward with the carryback (as it really is the choice I should have made in the first place as it actually can benefit me) and ignore the past due election as if it never happened, since it should be invalid anyways.

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1 Reply

IRC Section 172 (b) (3) carryover election

you need to do the carryback b/c the election wasn't timely.

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