Carryback election

[ILLMAS]

I am stuck, my client has a loss in 2008 and he can benefit from using it in 2007 or even 2005 (client just dropped off his paperwork recently), I cannot find the form to make the election. Also, is the election for carryback for 2yrs or 3yrs?

Thanks in advance

[TAXBILLY]

http://www.irs.gov/newsroom/article/0,,id=205331,00.html

taxbilly

[kcjenkins]

The elections forms are found by going to 'add forms' and typing Elections in the search box. Then select "Elections/Statements". The NOL Carryback is the first item on the 1040 tab. HOWEVER, it sounds like you do not need that because you do want to carry it back. And that is the default, which you have to elect to opt out of. You do not have to file an election to carry back an NOL, that is what you do if no election to forgo the carryback is made.

[DesertEA]

taxbilly,

Make sure you update the program first. The election to carry-back more than 2 years under IRC 172 is on the Elections/Statements worksheet at the very bottom.

[DesertEA]

I am stuck, my client has a loss in 2008 and he can benefit from using it in 2007 or even 2005 (client just dropped off his paperwork recently), I cannot find the form to make the election. Also, is the election for carryback for 2yrs or 3yrs?

Thanks in advance

MAS,

The election to carry back more than 2 years for losses in 2008 is the last election in the General Election worksheet. You can elect to carry-back 3 4 or 5 years.