Welcome back! Ask questions, get answers, and join our large community of tax professionals.
cancel
Showing results for 
Search instead for 
Did you mean: 

IT-203 NY NOL C/O FROM 2018 to 2019

DavidCPA
Level 2

I have a NY NOL Carryover from 2018 originating from Form IT-203.  Where is this entered in PTO?

Also, I'm getting the following critical diagnostic:

An amount of loss is entered as a federal Basis Carryover for an S corporation. An entry of -1 should be entered in the corresponding state if different Basis Carryover code in order to prevent the NJ return from reporting any prior year loss amounts. NJ tax law prohibits any carryover of losses, including Basis carryover amounts.

Does anyone know how to address this diagnostic?  I was unable to locate where the -1 should be entered.

Thank you

0 Cheers

This discussion has been locked. No new contributions can be made. You may start a new discussion here

2 Comments 2
George4Tacks
Level 15

In the upper right of Federal NOL input is Cur. Yr NOL/Misc click that and at the top is a  State NOL carryover, if ....


Answers are easy. Questions are hard!
0 Cheers
DavidCPA
Level 2

Thank you!  There are two critical diagnostics that are being generated:

1 - Entries on the NOL detail screen indicate that a subtraction adjustment of $13,008 may be desired. If an adjustment is needed, please determine the correct code to be used on Form IT-225 and enter the amount on the New York "Modifications" screen.

and 

2 - An amount of loss is entered as a federal Basis Carryover for an S corporation. An entry of -1 should be entered in the corresponding state if different Basis Carryover code in order to prevent the NJ return from reporting any prior year loss amounts. NJ tax law prohibits any carryover of losses, including Basis carryover amounts.

Are these both non e-file critical diagnostics? 

0 Cheers