Client with a NOL for year 3/31/18 and a NOL for year ended 3/31/19. I want to utilized these NOLs for year ended 3/31/20. How do I elect not to utilized the five year carryback for these NOLs? When and where do I make these elections?
Rev Proc 2020-24 has detailed instructions on how to waive the carryback. The election can only be made for tax years beginning after December 31, 2017 and before January 1, 2021. An election statement for each taxable year is attached to the federal tax return filed for the first taxable year ending after March 27, 2020.