Corporate Nol Carryback 2025 Schedule. Carrybacks are prohibited, and carryforwards are unlimited. Under tcja, c corporations must limit nol deductions to 80% of taxable income in any given year.
For tax year 2020 and prior, if a corporation has an nol, it can usually elect to waive the entire carryback period for the nol and carry the nol to future tax years. 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.