To follow-up on the comments from @ColeenD3, the Tax Cut and Jobs Act eliminated, for most taxpayers, the option to carryback NOLs to prior years.
Regarding NOLs, the IRS has stated, in pertinent part, the following:
- Most taxpayers no longer have the option to carryback a net operating loss (NOL). For most taxpayers, NOLs arising in tax years ending after 2020 can only be carried forward. The 2-year carryback rule in effect before 2018, generally, does not apply to NOLs arising in tax years ending after December 31, 2017. The CARES Act provided for a special 5-year carryback for taxable years beginning in 2018, 2019 and 2020.
Here is a link to the IRS webpage from which the above information was obtained: Net operating losses
@Lucy196
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