I have never completed a loss carry back. I have two that I thought might help. Both had Tax liabilitites in 2005 but large business losses in 2006. When I go back to 2004 no help with these years. In 2005 where I attempted to reduce the Liabilites they get hit with AMT that it only makes a couple of hundred dollars difference. Does this sound typical or am I doing somthing wrong? (over 100,000 loss for each.
the 2006 has been filed for one. Can i change the election to forgo the Carry back and just go forward?
I asked similar question yesterday but couldn't find the post sorry if duplicated.
thanks in advance