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- NY Personal Income Tax - NOL Carryforward from 2020
NY Personal Income Tax - NOL Carryforward from 2020
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RBCPA
Level 1
02-16-2023
02:56 PM
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NY did not follow the CARES Act changes for NOLs. There is no NY carryback of losses incurred in 2018 or later. My client carried back a 2020 Federal NOL but not the NY state NOL.
The NY NOL carryforward is a significant number. The usual data entry field on the Federal Carryover Worksheet is not applicable because the Federal NOL is zero.
How do you input the the deduction for the NY individual income tax return?
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JimDunn
Level 2
06-08-2023
04:29 PM
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I have the same issue. In 2020 and 2021 there was a line on the form IT-558 for the adjustments. NYS changed and recoupled in 2022 and I also do not find any where to report the additional NYS NOL. I called NYS tax dept and they were clueless. I have recently asked the question to NATP hopefully will find out how to make the adjustment - someday LOL.
