I have NOL in 2019 to carry forward. 2020 has NOL on its own. Do I need to deduct 2019 NOL in 2020 income, or skip 2020 and carry 2019 NOL directly to 2021?

Forum|Forum|4 years ago
October 20, 2021
2 replies
0 views

No text available

TurboTax Online

M-MTax

No, if you do the carry forward then carry the 2019 NOL to 2020 and recalculate your NOL for 2020...if any....then carry that total NOL to 2021.

Critter-3

Did you just recently complete the 2019 return ? Was it filed after 10/15/2020?

tangyueAuthor

I filed 2019 before 10/15/2020.

AmeliesUncle

Just double checking ... did you make the election to "waive the carryback" of your 2019 NOL?

If you did not make that election, the 2019 NOL is carried BACK 5 years, not forward.

tangyueAuthor

I did not make the election to "waive the carryback". Do I have to and is there a deadline? Thanks.

AmeliesUncle

@tangyue wrote:
I did not make the election to "waive the carryback". Do I have to and is there a deadline? Thanks.

It was due by the due date of your 2020 tax return (including extensions). So unless you filed a 2020 extension AND live in a disaster area that has the IRS has extended the due date past now, it is too late to make that election, so it will need to be carried BACK.