Once a tax preparer has determined that the taxpayer has a net operating loss (NOL) from a farming business, what is the next step for claiming an NOL?

Carry over the unused NOL to the next carryback or carryforward year.

Deduct the NOL in the carryback or carryforward year.

Determine the amount of the taxpayer's unused NOL.

Either carry the NOL back or waive the carryback period and carry forward the NOL.