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Trust election to waive the Net Operating Loss carryback period

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

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Trust election to waive the Net Operating Loss carryback period

" 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.

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3 Replies

Trust election to waive the Net Operating Loss carryback period

" 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.

Trust election to waive the Net Operating Loss carryback period

Would be nice if program had an interview format to determine NOL
iOne
Level 4

Trust election to waive the Net Operating Loss carryback period

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