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20.2.9.1
(06-30-2009)
Carryback Overview
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A net operating loss (NOL), a capital loss (corporations only), and certain non-refundable unused tax credits can be carried
back to the two tax years preceding the loss year and applied to taxable income or tax to reduce the tax liability. For taxable
years beginning on or before 08/05/1997, NOL's are generally carried back 3 years. For taxable years beginning after 12/31/1997,
the General Business Credit is carried back 1 year.
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The Job Creation and Worker Assistance Act of 2002 retroactively changed the two year carryback period to a five year carryback
period for losses arising in 2001 and 2002.
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See IRM 21.5.9, Account Resolution-Carrybacks, for complete instructions on identifying and processing carryback claims and requests for tentative refunds.
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