Nol Carryback Rules 2025. What years can i carry back an nol under the cares act? Ordinarily, you must carry an nol back to the earliest year within the carryback period in which there is taxable income, then to the next earliest year, and so on.

Allows businesses and individuals to carryback nols arising in 2018, 2019 and 2020 to the five prior tax years; Nols generated in 2018, 2019, and 2020 and be carried back up to five years.