abctax55
Level 15
04-20-2020
11:03 AM
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An S-Corp doesn't HAVE an NOL. S-Corps report out all income/loss/deductions annually via the K-1s. IF there's a deductible loss flowing to the individual Form 1040, AND a net operating loss is generated on the individual F 1040, the individual can take advantage of the NOL carryback options.
If you need to amend the F 1120-S, there will be amended K-1's to distribute.
HumanKind... Be Both