Five-year NOL carryback may impact AMT in pre-2018 tax years

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April 2020

Overview

The CARES Act allows a five-year carryback for net operating losses (NOL) arising in tax years beginning in 2018, 2019, or 2020.  Corporations with regular tax NOLs eligible for the extended carryback period generally also need to compute an alternative minimum tax net operating loss carryback.

The takeaway

Taxpayers with NOLs in tax years beginning in 2018, 2019, or 2020 need to consider the impacts of AMT when carrying back their NOLs to pre-2018 tax years.  A failure to consider AMT may affect the timing of expected tax refunds.

Contact us

Christine Turgeon

Partner, Federal Tax Services Leader, PwC US

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