Waive the carryback period of a current-year net operating loss

The IRS doesn't permit carryback of net operating losses after December 31, 2017. (There are exceptions for farming losses and for certain insurance companies.) UltraTax CS can generate the election statement to waive the carryback period, which you can attach to the return.
  1. Go to the
    General
    folder, then
    OthInfoC
    .
  2. Enter
    Code 1
    in the
    Current year NOL and waiving carryback under Section 172(b)(3)
    field.
    note
    You can also go to the
    Elect
    window in the
    Elections
    folder and enter
    (Waive NOL Carryback)
    in the
    Election Description
    field.

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