NOL election

[grandmabee]

if client had loss on 2011 tax return and the election went with the return to forego the carryback and send it all forward

can that be reversed?

this taxpayer won't have any taxable income in any near future years. I don't know why prior accountant carried forward. there is money to get if went back.

Thanks

[Guest Taxed]

Correct me if i am wrong but I think you can amend 2011 return now to change that election and go with carryback? Something tells me that the time chnage is limited to 1yr (is that the form 1045??).

[grandmabee]

BUT Can I undo an election with amended return?

[WITAXLADY]

THAT is what I would do - asap

d

[jainen]

>>can that be reversed?<<

According to Pub 536, page 7, "Once you choose to waive the carryback period, it generally is irrevocable."

I understand that much in this forum depends on subjective choices, but the technical stuff--just look it up.