NOL Carry forward

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

posted

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

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)