Which statement is INCORRECT about net operating losses under the CARES Act? Gwen has a 2018 NOL caused by a casualty loss. She may carry the loss back five years to her 2013 return, then forward indefinitely Sam has a 2019 NOL caused by a casually loss. If he carries the loss forward to his 2020 return, the 80% taxable income limitation will a Lily has a 2018 NOL caused by a casualty loss. She may waive any carryback by attaching a statement to her timely-filed 2020 return, Ted has a 2019 NOL caused by a casualty loss. He may carry back the NOL by filing Form 1040-X within three years of the due date (inclu Mark for follow up Question 17 of 20. A taxpayer who, after filing their 2020 tax return, receives an IRS letter for unreported unemployment compensation should do all of the following EXCEPT: O Visit www.Identity Theft gov. O File a police report Immediately fee an amended return, report the missing income, and pay any tax due O Contact their state unemployment office Mark for follow up Back Save / Retum Later Summary Next