2006 amended return & NOL

[LouD]

New client has always filed returns themselves and now realize it has been a bad idea. 2006 return has been filed with plenty of deductions and asset purchases missing from the originally filed returns. With these new assets and deductions, an NOL is created for 2006, but they would receive no benefit by the 2-year carry back.

I can't find anything that shows we can now elect to waive the NOL carryback and carry these losses forward on the 2006 amended return - I'm thinking the client is out of luck with these missing deductions (other than the 5 & 7 year depreciation expenses) but hoping that I'm missing something?

Thanks in advance for any help!

[Lion EA]

After carrying back, the remainder gets carried forward.

[jainen]

>>client is out of luck<<

It's not a matter of luck. If the client did not keep and use business-like records, the expenses probably aren't deductible anyway. Maybe he can take at least the missed depreciation through the catch-up procedure.