Thank you so much for such a helpful response!!
This is much different than I understood things. I had thought it was too late to do the carryback. But
carryback is preferable because I paid taxes in 2012 and 2013, but have had NOLs for the last few years.
- Is there a time limit for when I can amend the 2012 return to apply the NOL, or is the time limit just on when I file the return in which the NOL occurred? (e.g., 2014). Also, I am not sure if this affects things but I filed my 2012 return late (April 2016) -- but it *was* within the window to receive back an overpayment I'd made. However I thought the deadline to receive back a tax return overpayment was 3 years after the deadline (so I think 3 years from the 6-month extension I filed initially). But perhaps since I filed the return within the 3 year time frame, I'm "safe" and can still amend it to request an additional refund. I also filed my 2013 tax return late, but I believe with in the refund deadline (10/14/2017 - 3 years from original extension). Is this correct?
- How would I receive the refund and is there a limit on the size? I had a big NOL in 2014 due to business losses - around $15k including the standard deduction. I'm a bit worried this will "upset" the IRS, too, or that there's a limitation on this.
