I have NOL in 2019 to carry forward. 2020 has NOL on its own. Do I need to deduct 2019 NOL in 2020 income, or skip 2020 and carry 2019 NOL directly to 2021?

[M-MTax]

No, if you do the carry forward then carry the 2019 NOL to 2020 and recalculate your NOL for 2020...if any....then carry that total NOL to 2021.

[Critter-3]

Did you just recently complete the 2019 return ?   Was it filed after 10/15/2020?

[AmeliesUncle]

Just double checking ... did you make the election to "waive the carryback" of your 2019 NOL? 

If you did not make that election, the 2019 NOL is carried BACK 5 years, not forward.

[tangyue]

I filed 2019 before 10/15/2020. 

[tangyue]

I did not make the election to "waive the carryback". Do I have to and is there a deadline? Thanks. 

[AmeliesUncle]

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@tangyue wrote:

I did not make the election to "waive the carryback". Do I have to and is there a deadline? Thanks. 

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It was due by the due date of your 2020 tax return (including extensions).  So unless you filed a 2020 extension AND live in a disaster area that has the IRS has extended the due date past now, it is too late to make that election, so it will need to be carried BACK.

[Mike9241]

I did not make the election to "waive the carryback". Do I have to and is there a deadline? Thanks.

yes you had to for 2020 by the due date of the return including any valid extensions. this is no redo, without the election the NOL must be carried back 5 years and any remaining carried forward.  the problem is does Turbotax do amended returns for 2015

[tangyue]

Just make sure I understand. I must carry 2019 NOL to 2020 no matter 2020 has NOL on its own or not? 

@M-MTax 

[Mike9241]

unless you made an election with the 2019 and 2020 returns to forego the carryback period the NOL must first be carried back 

IRC SEC 172

 (D)Special rule for losses arising in 2018, 2019, and 2020
(i)In general
In the case of any net operating loss arising in a taxable year beginning after December 31, 2017, and before January 1, 2021—
(I)such loss shall be a net operating loss carryback to each of the 5 taxable years preceding the taxable year of such loss, 

any loss not used becomes a carryforward to 2021

[tangyue]

I understand I need to elect to carry forward.

My real question is, for example:

had 2022 NOL, elected to carry forward

will have loss in 2023, without deducting 2022 NOL. 

Must I still deduct 2022 NOL in my 2023 income? OR I can carry 2022 NOL in its original amount to 2024? 

Thank you!

[Mike9241]

if you haven't timely filed 2019 and 2020, the carryforward election is not available. 

[tangyue]

I made election to carry forward my 2022 NOL. In 2023, I will have loss without deducting 2022 NOL. Do I need to deduct 2022 NOL in 2023 return and carry the total NOL forward? Or can I carry both 2022 NOL and 2023 NOL separately forward?  

[Mike9241]

if you make a timely NOL carryforward elections in 2019 and 2020, you must first carry those NOLs to 2021 any left gets carried to 2022 and the 2023. 

[tangyue]

"you must first carry those NOLs to 2021", what if 2021 has negative income without deducting any NOLs from previous years?