Individual Nol Carryback 2025 Individual. This return is applicable for an individual or hindu undivided family (huf), who is resident other than not ordinarily resident or a firm (other than llp) which is a resident having total. However, if a refund is attributable to an nol carryback, a claim for refund can be filed within 3 years of the due date (including extensions) of the nol source year return.

Tax law allows individuals or c corporations to carry forward a loss indefinitely to reduce taxable income in each of the years in which the nol can be carried. However, if a refund is attributable to an nol carryback, a claim for refund can be filed within 3 years of the due date (including extensions) of the nol source year return.