NOL election

Client is a farmer with NOL for 2022.

It is my understanding that the NOL must be carried back two years unless an election is made under 172(b)(1)(B)(iv).

Does that sound right?

I use ATX and do not see where the election is made.

I can fill in a blank election but want to make sure I am on the right track before I dive in.

Thank you for any comments you might have.

Riverside, that is how I read things as well. To make the election to forgo to the carryback in ATX, go to:
- the elections tab on the left side of the screen
- Go to the 1040 tab on the bottom of the screen (5th one from left)
- The election to Forgo the Carryback of the NOL is the first checkbox

Riverside, that is how I read things as well. To make the election to forgo to the carryback in ATX, go to:
- the elections tab on the left side of the screen
- Go to the 1040 tab on the bottom of the screen (5th one from left)
- The election to Forgo the Carryback of the NOL is the first checkbox

I did find that before I filed the return a couple of months ago. I had been looking under "General Elections" which had the check box for sect 172(b)(1)(H) carry back elections, but not the one I was looking for.

Thank you for your response.