Elect to relinquish or waive NOL carryback
By default and per the IRS instructions, UltraTax CS will assume you're carrying back any current-year NOL. Do the following to waive the election to carryback the NOL:
- Go to the1045screen in the1045 & NOLfolder.
- Mark theElect to waive carryback of NOL incurred during the current tax yearcheckbox.When you mark this checkbox, the NOL Carryback Election will print.
note
Net operating loss carryback for any NOL other than farm was repealed with the Tax Cuts and Jobs act, effective for tax years beginning after December 31, 2017. The CARES Act brought NOL carrybacks for non-farm income back for the tax year 2020.
