Question

Can I carry back or carry forward my late filed 2015?

Forum|Forum|6 years ago
February 1, 2020
1 reply
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Hi, I am new to Turbotax and also not particularly savvy when it comes to tax law. I am hoping somebody can help. I had naively assumed that if I did not owe the IRS any money, I could basically file my taxes at any time in the future. I am only now getting to file my taxes from 2015 to 2019. I was hoping to carry back my significant 2015 NOL for a refund from my substantial 2013 (Fed, 112k & CA, 36k) and 2014 taxes (Fed, 90k & CA 27k). The Turbotax blog stated “If you miss the deadline, any excess in the amount of tax you paid goes to the U.S. Treasury. You also lose the opportunity to apply any refund dollars to another tax year in which you owe income tax.” Is it true that I cannot carry back my 2015 NOL? If it is, can I at least carry forward my 2015 loses against future income? If yes, do I have to anything special with my 2015 tax filing? Finally, since the 3-year IRS filing deadline for 2016 has not yet expired, can I carry back my 2016 NOL versus my 2014 losses? Many thanks!

Not A Product Question

D

DianeC958

Carrying back losses to any year before 2016 if it results in a refund, you will not receive the refund for those years prior to 2016.

You can carry losses forward to subsequent years if you are going to use losses against your 2016 taxes the tax return needs to be filed before April 15, 2020 if the losses will result in a refund you will not receive that refund also.

Link on Refund Claims Limitation Periods

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