NOL Flashcards
Net operating loss
1
Q
What are the treatment options for a net operating loss occurring in tax years after December 31, 2017, and before January 1, 2021?
A
—NOL (2018, 2019, 2020 )
Five-year carryback and indefinite carryforward
*carried back 5 years and can get refund for
paid taxes.
*NOL carried forward can offset 100% of
future taxable income
—NOL prior to 2017 and earlier
*Carried back 2 years and forward 20 yrs
*NOL carried forward can offset 100% of
future taxable income
—NOL 2021 & future
*80% of taxable income can be offset
* Cannot carried back
* Carryforward for life
— If we we have several years to offset we start from the oldest one.
