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Level 4
posted Dec 13, 2020 11:36:55 AM

CARES act NOL carryback/carryforward and the States

I have a 2020 $25k NOL which per the CARES act I can carry back to 2015 or carry forward.  My state of Idaho only allows a 2 year carryback period.  Does this mean I would file an amended 2018 for Idaho to use the NOL?  Or do I have to carry forward in order to apply to state taxes?  

 

Thanks

0 3 773
2 Best answers
Level 12
Dec 13, 2020 1:55:23 PM

If you want to get a refund from Idaho you have to file an amended Idaho return.

Level 12
Dec 13, 2020 3:14:28 PM

Yes if Idaho limits the carryback to 2 years

3 Replies
Level 12
Dec 13, 2020 1:55:23 PM

If you want to get a refund from Idaho you have to file an amended Idaho return.

Level 4
Dec 13, 2020 2:54:09 PM

So I would carry the Idaho back 2 years and the Fed back 5 years?

Level 12
Dec 13, 2020 3:14:28 PM

Yes if Idaho limits the carryback to 2 years