1120s form 982

[982 form]

 form  982 part II line 6

Applied to reduce any net operating loss that occurred in the tax year of the discharge or carried over to the tax year of the discharge . . .982

it doesn't transfer the  NOL to   the 1120s  

[sjrcpa]

S Corporations don't have NOLs (except if they were formerly a C Corp with an NOL).

982 stuff generally doesn't go anywhere. It's a standalone form.

[Best deal]

What about credits , same thing? 

[sjrcpa]

Credits in an S Corp pass  through to the shareholders on K-1s.

[Best deal]

 , if I have to reduced tax attributes like credits, on form 982 ,where does the credits get recalculated , ? 

[sjrcpa]

You reduce them on the 1st day of the next year. So reduce any carryovers in the software next year.