Edsel Posted May 28, 2017 Report Share Posted May 28, 2017 One year ago, a profitable C Corp, had an unusual $5000 loss. At the time, it was considered uncharacteristic, and the company would return to profitability. So the corp elected to roll FORWARD the loss instead of backward. It is my understanding that when this is done, the election is irrevocable. Another year has passed, and the 100% owner has had an epiphany of some sort, wants to do something different with the rest of his life, and has decided to abandon the corporation, drawing out his earnings over a period of time. So the last year has passed, and there was another loss, this one for $3500. The amount showing on the face of the 1040 (line 29) is $8500. We would like to carry back this amount two years. I had thought all we could carry back was $3500. Am I correct? If so, is my software putting the wrong amount in the NOL? Quote Link to comment Share on other sites More sharing options...
BHoffman Posted May 28, 2017 Report Share Posted May 28, 2017 You are correct about the $3500, but I don't know what's going on with your software. FWIW, I've had better luck carrying back losses by preparing amended returns as opposed to using the dreaded form 1139 2 Quote Link to comment Share on other sites More sharing options...
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