NOL - Carry Back Election

[Oh Baby!]

If on the 2016 return I made the election to forgo the carry back option for an NOL and now I have decided that I want to go back  and use the NOL for 2014. Can I amend the 2016 return to remove that election and then use the 2016 NOL for 2014?

 

 

[Abby Normal]

Once the election is made to forgo the carryback, it is generally irrevocable.

[Oh Baby!]

since I have until the due date of the tax return, including extensions, to make the election, I was hoping that I would have until the due date, with extensions to file an amended return and waive the election. Any luck?

[jklcpa]

6 minutes ago, Oh Baby! said:

since I have until the due date of the tax return, including extensions, to make the election, I was hoping that I would have until the due date, with extensions to file an amended return and waive the election. Any luck?

You're out of luck on this one. Once the election is made it is irreversible unless there is some change in the tax law that specifically allows its reversal under very exact circumstances.