miatax Posted September 16, 2009 Report Posted September 16, 2009 I never did one of these. 1120 (C Corp) has NOL in 2008. 2007 was profitable. Can I carry it back and if so do I fill in form 1139? If return wasn't filed by extension due date (9/15/09) can it be disallowed? Help. Thanks... Quote
Maribeth Posted September 16, 2009 Report Posted September 16, 2009 I never did one of these. 1120 (C Corp) has NOL in 2008. 2007 was profitable. Can I carry it back and if so do I fill in form 1139? If return wasn't filed by extension due date (9/15/09) can it be disallowed? Help. Thanks... You will use an 1139 to carryback the corporate NOL as long as you prepare it and send it BEFORE December 31, 2009. You will not lose the NOL if the return is delinquent; however, you will have lost the election to carryforward the NOL so you MUST carryback the NOL. Maribeth Quote
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