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Wallstreet Esq.
Wallstreet Esq., Tax Attorney
Category: Tax
Satisfied Customers: 585
Experience:  10 years experience
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My small business had a NOL in 2013. I did my own taxes w Turbo

Customer Question

My small business had a NOL in 2013. I did my own taxes w Turbo tax online and did not include an accompanying letter asking how to carry back or forward the NOL. Am now doing 2014 taxes(w extensions). Can I try to carry that NOL forward w form 1045?
Submitted: 1 year ago.
Category: Tax
Customer: replied 1 year ago.
So was I required to tell the IRs how to handle the NOL by a certain deadline, in order to be able to carry it forward? The NOL was a substantial amount, due to reConstruction cost outlays after a fire. The following years 2014/2015 had conversely a substantial profit, as that was when the insurance company paid for the fire loss. Am hoping there is some way to carry the initial NOL from 2013 forward, even at this late date. Given the hardship of the fire and subsequent loss of records etc., which made tax reporting difficult and confusing in 2013.
Expert:  Mark Anderson replied 1 year ago.
Here is some information on the issue:
Expert:  Mark Anderson replied 1 year ago.