If I carried back a net operating loss two years for federal purposes, am I required to carryback the net operating loss two years for Mississippi purposes?
No. On Mississippi form 83-155, the taxpayer is required to make an election to carryback or carryover the Mississippi net operating loss regardless of the federal election; however, once this election is made, it cannot be irrevocable. Furthermore, if a taxpayer amends a federal return, the taxpayer is obligated to notify the state via amended return.
Related Questions
- For federal purposes, our company carried back a net operating loss 5 years with the Internal revenue Service. Are we required to carry back our net operating loss 5 years on our Missouri return?
- If I am filing an amended Mississippi return to carryback a Mississippi net operating loss, what documentation should I include?
- What is an "Eligible Small Business" For Net Operating Loss Carryback Purposes?
