1120S Carryback from 2018 to 2017

Forum|Forum|6 years ago
April 20, 2020
6 replies
19 views

If I want to take advantage of the CAREs act changes that will allow me to carryback and NOL on an SCorporation return from 2018 to 2017, where do I enter this in Proseries 1120S software?

ProSeries Basic

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abctax55

Level 15

F 1139

HumanKind... Be Both

George4Tacks

Level 15

This may be of interest https://www.irs.gov/newsroom/temporary-procedures-to-fax-certain-forms-1139-and-1045-due-to-covid-19

Answers are easy. Questions are hard!

M

msmith7305

Level 6

That will be up to the shareholders of the S Corp. The S Corp itself does not have anything to do with a NOL

abctax55

Level 15

Oops.. missed the 'S' part. Good catch.

HumanKind... Be Both

S

sarahtennAuthor

Level 2

Thank you all for your answers. I appreciate the input and your time in reading and thinking through. In order to show the NOL carryback on my 2017 SCorp return so that it flows through on the K-1 for the shareholder to make a decisions, should I just add a deduction and explanation? No special forms or anything are required?

abctax55

Level 15

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

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