joe Posted May 18, 2011 Report Share Posted May 18, 2011 A NOL incurred on the taxpayer's 2010 Form 1040. Am I correct in thinking I can only carry it back two years (2008) not 5 years? Quote Link to comment Share on other sites More sharing options...
Pacun Posted May 18, 2011 Report Share Posted May 18, 2011 A NOL incurred on the taxpayer's 2010 Form 1040. Am I correct in thinking I can only carry it back two years (2008) not 5 years? Think about the logic... if you carry it back 5 years and amend 2006, you will not get a refund because it is two late to claim a refund for 2006 and 2007. Quote Link to comment Share on other sites More sharing options...
Gail in Virginia Posted May 18, 2011 Report Share Posted May 18, 2011 I believe that 2009 was the last year that you were allowed to carry back NOL's for 5 years. And because it was statutorily extended the normal three year limitation on claims for refunds did not apply to a claim due to an NOL. However, some states (Virginia among them) did not allow the extended carryback period even though the federal did. So yes, you are correct that you can only carry it back for 2 years. Quote Link to comment Share on other sites More sharing options...
TAXBILLY Posted May 18, 2011 Report Share Posted May 18, 2011 http://www.irs.gov/pub/irs-pdf/p536.pdf taxbilly Quote Link to comment Share on other sites More sharing options...
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