For a form 1065 for a partnership, can you rollback the loss 2 years? If so, is there a form to include with the amended return?

ANSWER

The BIDaWIZ Team's Answer:

You can carryback a net operating loss (NOL) by filing just an amended form 1040. You do not need to amend your form 1065 to elect an NOL. It's all done at the individual tax return level (IRC § 172(b)(1)). This is due to the fact that a partnership is a pass through entity in which the income and expenses flow to the individual shareholders via a k-1 form. Thus, there is no carryback or carryforward provision at the entity level to elect. This would be a different case for a corporation. A corporation would be able to amend tax returns for an NOL as it's a separate taxable entity that doesn't have the pass through function as is the case with a partnership.