Irs Nol Carryback 2025. Under the cares act, an nol must be carried back unless the carryback is waived. Estates and trusts use schedule i (form 1041).
Ordinarily, you must carry an nol back to the earliest year within the carryback period in which there is taxable income, then to the next earliest year, and so on. Certain taxpayers eligible to carryback a net operating loss (nol) may elect to forgo the carryback period and carry the entire nol forward.