I'm in desperate need of extreme Laymans advice on loss carryback.
I'm currently filing new returns for 2 currently unfiled tax years , 2011 and 2012.
I have never filed the above years, but I had filed years 2014 and 2013 on time. Each of these years (2013 and 2014) had an NOL. (on line 41). I never signed or attached anything to either of these returns (2013 and 2014) regarding the losses at the time I filed. And have not ever carried anything forward or back from them.
I'm still crunching numbers , but am estimating some profits for both 2011 and 2012.
Is it too late to carryback the losses from 2013 and/or 2014?=========>>yes. The statute of limitation for filing a claim for refund is the later of 3years from the date a tax return is filed or 2 years from the date the tax is paid. your 2011 tax return is due on April 15th, 2012. Add three years to this filing deadline, and you have until April 15th, 2015 to file your 2011 tax return and still get a tax refundIf you file your 2012 return by April 15th,2013, your refund expires by apr 15th of 2015
If not too late, Can they be carried back to 2011 and 2012? =>>as said no.you need to carry forward them to 2013 and 2014.
Since I have not yet filed any returns at all for 2011 and 2012 (in otherwords, I'm not filing amended returns), what would I attach to them to show I was carrying back losses to them..? ======>to carry forward the NOL , you need to on your 2011/2012 returns, Form 1045 Sch A allows you to determine the actual amount of your net operating loss.
Form 1045 Schedule A is used to compute a NOL and determine the amount available for carryback or carryforward