ThomasM125
Employee Tax Expert

Get your taxes done using TurboTax

You need to enter on line 12 of schedule K the Net Operation loss (NOL) carryover from the previous year. That will be the cumulative NOL that you will have available for the current year. If that number is not correct on the previous Form 1120 that you filed, you can enter the correct number on this year's form. Just make sure you have documentation in your files to support the number in case of an audit.

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