Business & farm

Are you SURE you have an NOL?  That means negative income on the entire tax return.

 

At any rate, WAIT to file your tax return.  Or another option is to file a secondary statement when the IRS provides more information.

 

The CARES act just passed a few days ago, and one of the changes involves NOLs.  So now the "default" treatment is to carry it BACK five years.  If you want to do that, great.  But if you want to carry it to 2020, you need to file a statement to "Waive the Carryback".  Because this is brand-new, the program does not have that option yet, and likely won't for several weeks yet.  The other option is to file your tax return now, but then within 120 days after the law passed, file a statement to "Waive the Carryback".  But as of now, there is no information about how to do that outside of your tax return.