Originally Posted by jahh
I have zero tax liability for 2014 without using my NOL. Can I choose to not put in the carryover NOL on line 21 of my 1040 and carry the NOL amount from 2013 to 2015 return?
then you do not fileform 1045.you may carry the amount forward for the next 20 years and apply it against any taxable income, which reduces the amount of taxable income in those years; the option of waiving your carryback period and using all your losses going forward for up to 20 years. You might do this if your losses in the current year were due to some catastrophic event that's not likely to repeat itself. If you expect your business to thrive next year, you can waive the carryback period and use all your losses going forward. However, after you commit to this decision, you can't change your mind if your business doesn't do as well as you expect.