State Composite Returns

[equinecpa]

I'm just finishing up an S-corporation return that is filing in many states-in two of the states (CO and OK) composite returns can be filed. This year the s-corp had losses in each state. I was wondering if a composite return is filed for these states and the corporation later has income in these states have we lost the losses by filing the composite return?

[jimmcg]

I'm just finishing up an S-corporation return that is filing in many states-in two of the states (CO and OK) composite returns can be filed. This year the s-corp had losses in each state. I was wondering if a composite return is filed for these states and the corporation later has income in these states have we lost the losses by filing the composite return?

The answer to your question lies in the state code for each of these states. Check that first.