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Business & farm
Yes, it is too late to file the amendment to carryback the loss to 2015, but you are required to consider it carried back since you did not file for the waiver timely. You have 3 years from the due date of the carryback year to amend the return, and the CARES Act did not extend this. The 5-year carryback rule was intended to be applied immediately or within 1 year of the NOL year and to be filed on Form 1045 which is due within that timeframe.
Your 2020 loss will be first applied to 2015, then 2016, 2017, 2018, and 2019 in order. Your 2021 does not qualify for the CARES Act extended carryback, so it will get carried back to 2019 and 2020. You should carryback your 2020 loss first and adjust AGI for those years, then apply 2021 losses and do the same. If either year's losses are not exhausted through the carryback, you will apply them to 2022 and carry the whole loss forward to the extent it still exists.
You are correct in that if your AGI was $0 for a year, there's no income to offset, but AGI is calculated 1 line before the standard deduction so be sure you are looking at the correct line on each year's form. As well as the fact that a Form 1040 has changed significantly in the last 5 years.
[Edited 3/16/23 | 9:06 AM PDT]
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