Specific IRS rules apply to the carry back and carryover of net operating losses arising in 2018 through 2020. 

For these tax years, the carry back period is 5 years. Losses still unused after the fifth carry back year can be carried forward indefinitely until absorbed.

For farming losses, the 5-year carryback period applies. (IRC Sec. 172(b)(1)(D). However, the COVID-Related Tax Relief Act of 2020 allows farmers who elected a two-year carry back prior to the passage of the CARES Act to elect to retain that two-year carryback rather than claim the five-year carryback. Farmers who previously waived an election to carryback a net operating loss can revoke the waiver.