cchasepa
Level 1
05-07-2023
03:54 PM
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If a C Corporation has NOL for current year, then 1120 line 29a for Net Operating Loss deduction would be 0, since it's already a loss.
On 1120 Schedule K question 12 asks:
- Enter the available NOL carryover from prior tax years (do not reduce it by any deduction reported on
page 1, line 29a.)
Do you simply report total NOL from prior years or leave it blank if no NOL is applied on 29a?
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Accountant-Man
Level 13
05-08-2023
08:18 AM
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Why not enter the carryover on the appropriate worksheet and let the $7,000 software do its job?
** I'm still a champion... of the world! Even without The Lounge.
Accountant-Man
Level 13
05-10-2023
02:22 PM
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It's called "Net Operating Loss Worksheet."
** I'm still a champion... of the world! Even without The Lounge.
