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Solved

Schedule C NOL

Forum|Forum|3 years ago
March 31, 2023
2 replies
0 views

Can a 2020 schedule C loss still be carried back 3 years? Could it originally have been carried back 5 years?

Best answer by mglauner

Yes, in 2017 the Tax Cuts & Jobs Act disallowed carryback of NOL's. You are correct that originally it could be carried back five years. The 2017 TCJA also limited NOL deductions to 80% of taxable income.

Here's detailed info on NOL's from IRS Pub. 536.

Yes, in 2017 the Tax Cuts & Jobs Act disallowed carryback of NOL's. You are correct that originally it could be carried back five years. The 2017 TCJA also limited NOL deductions to 80% of taxable income.

Here's detailed info on NOL's from IRS Pub. 536.

just because schedule C shows a loss doesn't mean you have an NOL. you should use form 1045 Schedule A to compute it

in short, an NOL is the excess of business losses or items of business income reduced by the excess, if any, of nonbusiness income over nonbusiness deductions.

Agreed - it is an NOL