Solved: In 2015 had loss. Elected under section 172 b 3 to relinquish the entire carryback period for any 2015 NOL. Can I still carryforward loss in future years?
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In 2015 had loss. Elected under section 172 b 3 to relinquish the entire carryback period for any 2015 NOL. Can I still carryforward loss in future years?

 
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Level 15

In 2015 had loss. Elected under section 172 b 3 to relinquish the entire carryback period for any 2015 NOL. Can I still carryforward loss in future years?

"Can I still carryforward loss in future years?"

Yes. Since you waived the carryback period, you can carryover your net operating loss to each of the 20 taxable years following the taxable year of the loss. See I.R.C. §172(b)(1)(a)(ii)

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New Member

In 2015 had loss. Elected under section 172 b 3 to relinquish the entire carryback period for any 2015 NOL. Can I still carryforward loss in future years?

do you know how to carry forward the it in 2016 in TurboTax?
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Level 15

In 2015 had loss. Elected under section 172 b 3 to relinquish the entire carryback period for any 2015 NOL. Can I still carryforward loss in future years?

"Can I still carryforward loss in future years?"

Yes. Since you waived the carryback period, you can carryover your net operating loss to each of the 20 taxable years following the taxable year of the loss. See I.R.C. §172(b)(1)(a)(ii)

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New Member

In 2015 had loss. Elected under section 172 b 3 to relinquish the entire carryback period for any 2015 NOL. Can I still carryforward loss in future years?

I waived the carryback in 2015  (Elected under section 172 b 3), how should I carryforward in 2016 in Turbotax?
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New Member

In 2015 had loss. Elected under section 172 b 3 to relinquish the entire carryback period for any 2015 NOL. Can I still carryforward loss in future years?

Sorry, I am very new to this pleac, do not know where to ask questions yet.
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Level 15

In 2015 had loss. Elected under section 172 b 3 to relinquish the entire carryback period for any 2015 NOL. Can I still carryforward loss in future years?

" how should I carryforward in 2016 in Turbotax?"

Following the steps in the screenshot below (click to enlarge) should bring you to the proper screen for entry of an NOL.

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New Member

In 2015 had loss. Elected under section 172 b 3 to relinquish the entire carryback period for any 2015 NOL. Can I still carryforward loss in future years?

Tagteam, It is very help ful. thank you so much for your response. Can I ask you a follow-up question: it seems that TurboTax do not calculate the allowable amount, any way to find out the allowable NOL, or I can just enter the amount listed on 2015 Form line 37, "Subtract line 36 from line 22. This is your adjusted gross income". Thanks
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New Member

In 2015 had loss. Elected under section 172 b 3 to relinquish the entire carryback period for any 2015 NOL. Can I still carryforward loss in future years?

Tagteam, thank you very much. Someone from Turbotax helped me on how to find the amount. So I am good now. Thanks again
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Level 15

In 2015 had loss. Elected under section 172 b 3 to relinquish the entire carryback period for any 2015 NOL. Can I still carryforward loss in future years?

You are most welcome.
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