grandmabee Posted April 14, 2013 Report Share Posted April 14, 2013 if client had loss on 2011 tax return and the election went with the return to forego the carryback and send it all forward can that be reversed? this taxpayer won't have any taxable income in any near future years. I don't know why prior accountant carried forward. there is money to get if went back. Thanks Quote Link to comment Share on other sites More sharing options...
Guest Taxed Posted April 15, 2013 Report Share Posted April 15, 2013 Correct me if i am wrong but I think you can amend 2011 return now to change that election and go with carryback? Something tells me that the time chnage is limited to 1yr (is that the form 1045??). Quote Link to comment Share on other sites More sharing options...
grandmabee Posted April 15, 2013 Author Report Share Posted April 15, 2013 BUT Can I undo an election with amended return? Quote Link to comment Share on other sites More sharing options...
WITAXLADY Posted April 15, 2013 Report Share Posted April 15, 2013 THAT is what I would do - asap d Quote Link to comment Share on other sites More sharing options...
jainen Posted April 15, 2013 Report Share Posted April 15, 2013 >>can that be reversed?<< According to Pub 536, page 7, "Once you choose to waive the carryback period, it generally is irrevocable." I understand that much in this forum depends on subjective choices, but the technical stuff--just look it up. Quote Link to comment Share on other sites More sharing options...
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