1045 not approved for NOL carryback

[schirallicpa]

The loss was in 2020 of about 75000.  I used 1045 to carryback to 2015.  Expected a refund of 10000.  The IRS didn't like some little something and denied the claim. 

Ok - can I take the loss forward now to 2021?   The problem is, I did not make the election to forego the carryback because I was carrying back.  It's my understanding I cannot amend for an election.  

Does that mean I'm stuck with trying to get the carryback to work?  The NOL would actually be more beneficial in 2021.  

[Bart]

If the IRS did not like the carryback to 2015 consider that none of the loss was used in 2015 and carry it to 2016 and see what happens.

[jklcpa]

20 hours ago, schirallicpa said:

The loss was in 2020....  The IRS didn't like some little something and denied the claim. 

Ok - can I take the loss forward now to 2021?   The problem is, I did not make the election to forego the carryback because I was carrying back.  It's my understanding I cannot amend for an election.  

Does that mean I'm stuck with trying to get the carryback to work?  The NOL would actually be more beneficial in 2021.  

Not enough information to answer you.

What was the reason IRS denied the claim?  Was it something about the loss itself or its calculation, some calculation made with the claim to the carryback year, or you didn't supply all information with the c/b return? Did you include AMT calculations?  You have to include that even if it is fairly obvious that AMT doesn't/can't apply, and if you don't, IRS will not process it.

Depending on answers to those questions, I suspect you will end up correcting something with the carryback to 2015 to move forward with processing. 

 

[Lynn EA USTCP in Louisiana]

There is a time limit for filing the 1045. If it was filed outside (beyond) that limit then the carry back must be taken via 1040X; I include the 1045 as a worksheet