NOL carryback

[taxit]

Does anyone know where to make the SEC 172(b) election in Drake to waive the NOL 2 year carryback for a farm?

 

Thanks.

[jklcpa]

4 hours ago, taxit said:

Does anyone know where to make the SEC 172(b) election in Drake to waive the NOL 2 year carryback for a farm?

 

Thanks.

 

I don't have a farmer return to test this one, but the only thing I can find is on the NOL screen that is found on the "Other Forms" tab, or type "NOL" in the search box.  From there, the screen shown below will appear, and there's a checkbox where I have the red arrow.  You'll have to test this to see if it gives you the correct election.

[taxit]

Thank You Judy!  I looked at that screen many times and did not see that little box. That did the trick. Have a great day!

[Catherine]

That is indeed the box. I am in fact waiting for a farmer to tell me if he wants to carry forward only.