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Level 2

Question

Net Operating Loss for 2020

6 replies
41 views

How do I carryback to 2017, 2018 and or 2019 which I still owe taxes on? I'm a schedule C filer and use TurboTax Home and Business. Was planning on filing 2020 today. Mark

Level 15

Essentially, you have two choices:

1) Carry back the entire amount of the NOL from 2020 to 5 years before the NOL year (2020); or

2) Waive the carryback period and carry the NOL forward indefinitely until it is fully absorbed.

See https://www.irs.gov/publications/p536#en_US_2020_publink1000177354

Regardless, you cannot start the NOL carry back in the 2017 tax year (if you choose to carry back the NOL).

mstevens67Author

Level 2

Thanks so much, I really appreciate that...I started my business in 2015, so I would carry it back to 2015, but end up using all of it probably on my 2017 return as I owe $1,800 on that year still.

How do I do that? Can I do it myself? Do I do something special with my 2020 taxes? Do I have to amend past years returns?

Level 15

You should probably seek professional guidance for this process as it is not exactly simplistic.

There is an example and additional information at the link below.

https://www.irs.gov/publications/p536#en_US_2020_publink1000177383