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Schedule C NOL Carryback

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bziviski

Junior Member
What is the name of your state (only U.S. law)? Ohio

I have a NOL for 2010 and will be carrying all of it back to 2008. How do I indicate this on my 2010 tax return? I do not see anywhere on Schedule C to make this notation so that it is not included on Page 1 of my 1040.

I will be filing a Form 1045, and know that this has to be done within 1 year.

Thanks
 


tranquility

Senior Member
Unless you make the election to relinquish the ability to carry it back, you must carry it back. They'll know what you will do with it if they don't find the election in the statements.
 

davew128

Senior Member
What is the name of your state (only U.S. law)? Ohio

I have a NOL for 2010 and will be carrying all of it back to 2008. How do I indicate this on my 2010 tax return? I do not see anywhere on Schedule C to make this notation so that it is not included on Page 1 of my 1040.

I will be filing a Form 1045, and know that this has to be done within 1 year.

Thanks
There is nothing to indicate. It is the default provision unless you affirmatively elect otherwise.
 

LdiJ

Senior Member
I agree with the others, however I will also add that it is supposed to show on your 1040. If it doesn't show, there is no NOL to carry back OR forward. That also means, of course, that it would offset other 2010 income before any amount is carried back.
 

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