What if I have no or too little income in the 5 y prior to 2020 to absorb the 2020NOL?
Will it automatically bounce forward into 2021?
You carry it back to the first tax year.....5 yr prior.....and any unused part of the loss gets carried to the next tax year and then the next and so on. It doesn't bounce from 5 yrs back to 2021.
