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Deductions & credits
That's correct. The election to forgo the carryback period must have been made by attaching a statement to your return by the due date of the return, including extensions, and the election is irrevocable. If you failed to make the election then, you could have filed an amended return within 6 months of the due date of the return to make the election. Mike9241 explained how this would be handled had you made the election.
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March 10, 2025
3:36 PM