Calculate prior-year amounts for a Net Operating Loss (NOL) carryback
Before you complete the
NOL-2
screen in the Carryovers & NOL
folder, follow these steps to recalculate prior-year tax returns using prior-year forms.- Get copies of the original tax returns for the years you're carrying information back.
- If there's a current-year NOL and you're carrying the NOL back to preceding tax years, recalculate the prior-year returns with the carryback information.
- Use the original returns and the recalculated returns to complete theNOL-2screen.note
- If you need to transfer back more than 3 years, you'll need to prepare additional pages of Form 1045 by hand and paper file the return.
- If you use an amended Form 1041 instead of a Form 1045 to request a refund, you can use Form 1045, Schedules A and B as attachments to Form 1041
