Reply #17: One more thing. If you have a Net Operating Loss you must carry it back unless you elect to carry

[Dollface]

it forward. Farming losses can carryback 5 years, other business losses 2 years. Whether or not you want to do that depends on the size of the loss. The form you want if you carryback is a 1045, available on the irs website. (It is a stinker though.) Do the loss computation on page 2 (or 3 I don't remember exactly) of the 1045 to verify the actual loss amount available. It is not necessarily the amount showing on your 1040.