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Yes. The carryover is noted on the NJ BUS-2 form but tax is computed on the gain less the carry over.
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I also entered an amount in the State section but the losses are not being applied on the state. Just the federal.
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ah. makes sense. thank so much for the direction. first time with a non-profit 🙂
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Thank you- unfortunately, 3 years has passed and they have reapplied for the exempt status. Is current year all that is needed?