Where on 1120S program do you enter the amount of prior carryover loss to be applied to current year?

[Accountant-Man · Accepted solution]

S corps don't have carryover losses, only the shareholders might.

[sjrcpa]

Except for some states, such as CA and DC.

[Pablo]

Oops. Been awhile doing S Corps. Got it; suspended carryover loss gets applied on the S/H level. Thank you.

May I ask a follow up question/clarification to verify my thinking:
Suspended carryover loss from 2017 @ 90k. Basis 12/31/17 @ $0.
2018: profit $40k. If S/H distribution @ 40k, then cannot utilize any suspended loss
because Basis after income and distribution goes back to zero.
If didn't have any distribution, then can apply the suspended loss @ 40k.
Do I have this correct?

[sjrcpa]

yes