Trust election to waive the Net Operating Loss carryback period

[hntrust]

How do I create the election to waive NOL carryback statement for a trust? Taxable income for trust in 2016 is negative.

[tagteam · Accepted solution]

" How do I create the election to waive NOL carryback statement for a trust?"

First of all, make sure you actually have an NOL:

Ref https://www.irs.gov/publications/p536/ar02.html#en_US_2016_publink1000177329

If you do, in fact, have an NOL, enter Forms Mode and follow the screenshots below to make the election.

[hntrust]

Would be nice if program had an interview format to determine NOL

[iOne]

Would be helpful both to have TT Business calculate the available NOL, then rationally apply it.