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Lev, I am preparing federal unfiled tax returns for a client…

Good morning Lev, I am preparing...
Good morning Lev,
I am preparing federal unfiled tax returns for a client of mine. I am also ready to finalize the 2014 tax return and there is an NOL created on his return. The client has already filed 2012 tax return and there is a liability owed for that year. He has not paid that liability in full and I am wondering if the form 1045 is only for getting back refund or I could even use this form even though the client passed the three years statute of limitation and reflect the NOL for the sake of reducing his 2012 tax liability.
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Answered in 4 hours by:
11/5/2017
Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 31,224
Experience: Taxes, Immigration, Labor Relations
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See here

https://www.law.cornell.edu/uscode/text/26/6511

(d) Special rules applicable to income taxes

(2) Special period of limitation with respect to net operating loss or capital loss carrybacks

(A) Period of limitation

If the claim for credit or refund relates to an overpayment attributable to a net operating loss carryback or a capital loss carryback, in lieu of the 3-year period of limitation prescribed in subsection (a), the period shall be that period which ends 3 years after the time prescribed by law for filing the return (including extensions thereof) for the taxable year of the net operating loss or net capital loss which results in such carryback, or the period prescribed in subsection (c) in respect of such taxable year, whichever expires later. In the case of such a claim, the amount of the credit or refund may exceed the portion of the tax paid within the period provided in subsection (b)(2) or (c), whichever is applicable, to the extent of the amount of the overpayment attributable to such carryback.

.

In other words - as long as the SOL (statute of limitation) for 2014 tax year is not yet run out - you may carryback the NOL from that year to all previous years including 2012 and 2013.

The statute of limitation for 2014 will run out on Apr 15, 2018.

Aftre that date - you will not be able to apply NOL to 2012 refund, but before that date - you will be able to apply NOL and claim a refund for 2012.

Lev
Lev, Tax Advisor
Category: Tax
Satisfied Customers: 31,224
Experience: Taxes, Immigration, Labor Relations
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