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Jason M. Tyra, CPA
Jason M. Tyra, CPA, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 177
Experience:  Principal at Jason M. Tyra, CPA, PLLC
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NOL carryforward JA: The Accountant will know how to help.

Customer Question

NOL carryforward
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.
Customer: no
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.
Submitted: 6 months ago.
Category: Tax
Expert:  Jason M. Tyra, CPA replied 6 months ago.
Hi There:You cannot selectively use a NOL carryforward. You do have the option to waive the carryback period, but otherwise the NOL must be used as soon as possible.