NOL Carryforward/carryback

[mattisb]

What is the name of your state (only U.S. law)? WA

I am the sole member of an LLC. Last year I reported a NOL on my schedule C, but didn't file a 1045 specifying if I wave the right to carry back the loss and instead prefer to carry it forward. I would like to apply this NOL to my 2009 return. Is this still possible? If not, can I still apply it to a previous years return even if my LLC was not in existence? For example, could I apply it to the taxes I paid on wages in 2005? Any advice or assistance is much appreciated.

Thanks in advance,

Barrett

 

[davew128]

You MUST carry the loss back first. It's not optional.

 

[LdiJ]

You MUST carry the loss back first. It's not optional.

Its not quite that simple.

Publication 536 (2009), Net Operating Losses (NOLs) for Individuals, Estates, and Trusts

 

[davew128]

I disagree. This isn't a 2009 NOL, it's a 2008 NOL. The time to file an amended return with a late election to waive the carryback period has expired. The NOL must be carried back two years. The time frame for choosing a 3-5 year carryback period expired last October at the same time as the election to waive the carryback period. At this late date, there are no other alternatives.

 

[mattisb]

And if I have no losses in 06 or 07, can i then carry it forward to 09? How would I go about doing this? Can I apply NOL from my current business to taxes I paid on other types of income in 06? Thanks for the helpful replies!