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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProConnect Hot Topics.
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- NOL Carrybacks - How to?
NOL Carrybacks - How to?
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stateraservices
Level 2
07-18-2020
05:59 PM
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For 2019, my client's S-Corp had a $44k loss. How can I carryback this loss against the company's $18k income of 2018? I filed both 2019 and 2018 1120S returns, before realizing I could use the carryback. Do I need to file amendments for both years, or just for 2018? And, exactly how do I go about implementing the carryback within ProConnect? TIA.
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abctax55
Level 15
07-18-2020
06:18 PM
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S-corps pass out income & losses to the shareholders. Any losses to carryback would be at the shareholder level.
UNLESS, you are talking about state taxes....and no one can help if you don't tell us *what* state.
HumanKind... Be Both
