2008 NOL Carryback
ProSeries : 2008If you elected to forego the carryback period for tax year 2007 under serction 172 (b)(3), can you carry back a 2008 NOL
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dYNm04S0Or3QjyacfA8pyY
10/07/09 7:11am PDT
Viewed by asker 10/15/09 3:46pm PDT
Viewed by asker 10/15/09 3:46pm PDT
2 Replies
PhoebeRoberts
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Accountant Community AllStar
Advisory council of Accountant community power users.
10/07/09 7:41am PDT
Yes. The election is year-by-year. Note that your 2007 carryforward does not figure in to the calculation of the 2008 NOL.
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Accountant Man
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Questions answered: 9864
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Accountant Community AllStar
Advisory council of Accountant community power users.
10/07/09 7:41am PDT
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The election to forgo carryback pertains only to that particular year, so you can carryback 2008 NOL.
If you use Pro Series Basic I might not be able to help you. If you use Turbo Tax I might refuse to help you. All others, watch out! ;-)
