topic Re: NOL Carry forward in Get your taxes done using TurboTax

NOL Carry forward

jr123 — Wed, 18 Sep 2019 17:32:41 GMT

do you need to elect the NOL Carry forward in the year that it happened? If so what form?

Re: NOL Carry forward

Critter — Wed, 18 Sep 2019 18:02:08 GMT

What tax form are you filing ? An 1120, 1120S, 1065 ?

Re: NOL Carry forward

jr123 — Thu, 19 Sep 2019 13:26:11 GMT

1120S

Re: NOL Carry forward

Anonymous_ — Thu, 19 Sep 2019 15:40:44 GMT

An ordinary business loss on an 1120-S would be carried through, and reported on, the K-1(s) to the shareholder(s).

Shareholders would calculate an NOL individually.

See https://www.irs.gov/publications/p536#en_US_2018_publink1000177318

Note that most taxpayers can only carry NOLs arising from tax years ending after 2017 to a later year (i.e., no carrybacks due tax reform - the Tax Cuts and Jobs Act (TCJA)).

See https://www.irs.gov/publications/p536#en_US_2018_publink10004278

Re: NOL Carry forward

laurent — Wed, 25 Sep 2019 20:11:15 GMT

What does this mean? Can you give an example with numbers?

(My understanding of carryforward is that NOL can only deduct from income that are in the future and the present, carrybackward : NOL can deduct from past income that didn't have enough deduction to be lowered https://xplaind.com/247520/tax-loss-carry-back-and-carry-forward)