Topic Thread

NOL CARRYBACK/CARRYFORWARD ELECTIONS

  • 1.  NOL CARRYBACK/CARRYFORWARD ELECTIONS

    Posted 11 days ago

    My question is this:

     

    If an election to carryback 3 years a PONZI scheme loss was made on a timely-filed  2017 Form 1040, can that return be amended, via a 1040X, to change the election to either a 2-year C/B or carryforward 20 years only?

     

    I know that if the election was not made on the original timely-filed return, within 6 mos of the original due date, one can file an election to waive the carryback by filing an amended return.  But does it work the other way around if one wants change an election actually made on a timely-filed original return.

     

    Thanking someone in advance,

     

     

     

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