section IRC 172(b)(1)(D) - NOL carrybacks as modified by the CARES act. this is the latest law.
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
When To File
Generally, you must file Form 1045 within 1 year after the end of the year in which an NOL, unused credit, net
section 1256 contracts loss, or claim of right adjustment arose. however, this just bars the filing of form 1045 for 2018 (under CARES Act was due by 6/30/2020). there is still form 1040x that can be used to carryback 2018 NOL but one must be prepared for each carryback year. so the 2018 NOL can be carried back to 2013 and then forward.
a 1045 can still be filed for the 2019 NOL - must file by 12/31/2020. however, the 2019 NOL c/b which would be carried back to 2014 can only be used to the extent that the 2018 NOL c/b doesn't eliminate all taxable income in years in which the 2019 NOL could be carried.
because multiyear NOL's can be complicated, I strongly suggest the use of a pro.
here's a link for a fuller explanation.
http://news.cchgroup.com/2020/05/20/5-year-nol-carryback-procedures-under-the-cares-act/news/federal...
