Where to enter prior year net operating losses and where to elect to carry back a net operating loss

Use the LOSS screen to enter any prior year NOL amounts that carried forward from a prior year at the top of the screen. Any amount applied in the current year appears on line 29a of Form 1120. Any amount calculated for the current year NOL that can be carried forward and any other NOL amounts not applied in the current year are reflected on the Attachment NOL and Wks NOL Limitations.

An NOL election to carry back a current year NOL is made on Form 1139 - Corporation Application for Tentative Refund. Complete screen 1139.

According to the Form 1139 Instructions,

"For losses incurred in tax years beginning after December 31, 2020, the NOL carryback rules apply only for farming losses and losses from insurance companies, other than life insurance companies."

See the Form 1120 Instructions for other details.