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.
- Go to theGeneralfolder, thenOthInfoC.
- EnterCode 1in theCurrent year NOL and waiving carryback under Section 172(b)(3)field.noteYou can also go to theElectwindow in theElectionsfolder and enter(Waive NOL Carryback)in theElection Descriptionfield.
