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Level 2

Question

NOL Carry forward

Forum|Forum|6 years ago
September 18, 2019
1 reply
9 views

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

TurboTax Business Windows

Level 15

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

jr123Author

Level 2

1120S

Level 15

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