leigh5
Returning Member

Business & farm

I think I have a similar question.  I am trying to get caught up on taxes.  I had to wait 7 months to get the info from IRS, but I have it now. 

I am filing for years 2016-2019.  For 2016, I have a net operating loss, In 2017, I also had a smaller net operating loss. My understanding is that I can carry it forward, but I am seeing different info here.

 

1. Can I file my 2016 federal return and carry forward my NOL to 2017 and subsequent years?  

 

2. Do I even need to file for years when my only income resulted in NOL's?  I know it will be that for at least 2016 and 2017.  ( and possibly 2018). Thankfully, 2019 was great for profit.