I have a NOL for the trust, reported as a -900 on line 23 of Form 1041. I can't find form IRC 172(b)(3) which Turbotax says should be used to report this if I want to use the NOL as a carryforward. Under the section to print all worksheets for your records I found a Form 1041 Schedule of Net Operating Loss Carryovers (keep for your records) which identifies the Current Year Operating Loss in Part II on line 1. But I DO NOT FIND FORM IRC 172(b)(3). Where is this form? Somehow I need to indicate to the IRS that I want to do a NOL CARRYFORWARD, NOT a NOL CARRYBACK.
Please help. This is ridiculously confusing for something which should be so simple. I also can't find a Form IRC 172(b)(3) in the IRS documentation.
It is not a form, it is an election statement.
See https://www.irs.gov/publications/p536#en_US_2022_publink1000177379
Further, make certain that the trust actually has an NOL (which is relatively uncommon for trusts).
See https://www.irs.gov/publications/p536#en_US_2022_publink1000177329
It is not a form, it is an election statement.
See https://www.irs.gov/publications/p536#en_US_2022_publink1000177379
Further, make certain that the trust actually has an NOL (which is relatively uncommon for trusts).
See https://www.irs.gov/publications/p536#en_US_2022_publink1000177329