JA: The Accountant will know how to help. Please tell me more so we can help you best.
Customer: In 2013, I filed a NOL of roughly $40000 (1045 - Schedule A
). I also filed an Election to Waive NOL Carryback as all of my NOL were sustained during that year. Finally, I also filed an Election Not to Take Special Depreciation Allowance
with the "5 year" box checked. I did not take any part of this NOL as part of my 2014 return
, but would like to use it as part of my 2015 return. Here are my questions:- Since I didn't reference the NOL in my 2014 return, do I have to file an amended return
? I was told in 2013 that I could use the NOL at any point over the next 5 years, but want to confirm.- Am I able to use a portion of the NOL for my 2015 taxes
, or do I have to use the whole thing? Entering ~$10,000 as a NOL amount gives me the same refund amount as if I entered the entire $40k, so I want to understand if I can only use a portion of the total NOL.
JA: Anything else I can tell the Accountant before I connect you two? We have a 30 day refund policy so you can simply email***@******.*** and they will try to fix your problem or refund your money.
JA: I'm sending you to a secure page on JustAnswer so you can place the $5 fully refundable deposit now. While you're filling out that form
, I'll tell the Accountant about your situation and connect you two.