Ok, but in case the election was not made for 2018-2020 years, can i still calculate carry back for 2 years (since 5 year was a temporary provision and already expired)?
Carryback won't be used since can't apply to those past years already, but it will help calculate carryforward. Then use carryforward to 2021 (amend tax return) and future years?
For example, for 2018 calculate carryback that could have been used in 2016 and 2017, then apply carryforward to 2021.
For 2019, calculate carryback to 2017 only (2018 had NOLs) then apply carryforward to 2021, if can't use in 2021 carryforward to future years
For 2020 carryback is not even possible since 2 previous years had NOLs, therefore carryforward to 2021, if can't use in 2021, carryforward to future years.
