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<I think you should consider electing to forget the carrybacks and carry the NOL forward indefinitely. I seem to recall this topic came up when discussing your own situation.>

Yes, you're right. I did bring this topic up when discussing my own situation.

The CARES Act has an obscure provision that the only option is the 5-year carryback - UNLESS the taxpayer cited an obscure part of the tax code BEFORE 12/31/2020 to elect the carryforward. I did this for my joint tax return, making the election for the carryforward. The IRS has sent me a letter approving this.


Statement Regarding Net Operating Loss, Filed pursuant to section 301.9100-2
We elected to waive the carryback period under Section § 172(b)(3) under Rev. Proc. 2020-24 for the taxable year 2019 when the loss occurred. We are carrying the Net Operating Loss forward into 2020.


But it's too late for DS so her (my) only option is the carryback. That's why I had to do all the tax returns going back to 2014.

<Stories like this make me even more glad I'm retired.>

Bill, you can't imagine the extent of this mess.

Wendy
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