What is the correct way to input NOL from last year for the following situation? -
- 2018 K1 / 1120S loss = $200K
- 2019 K1 / 1120S income = $50K
- Schedule 1 is showing Part 1 Additional Income Line 5 S Corp = negative $150K
- Schedule E, p2 is showing the following -
- Part II Line 28 A (k) Nonpassive Income $50K
- Part II Line 28 B (i) PYA (prior year) Loss K1 $200K
- Line 32 Total S Corp loss = $150K
- Form 1040 Line 7a = negative $150K
Can this be right way to report the prior year carryover NOL?
