NOL for S corp

[dor1500]

I have to do a NOL carryback for a S corp, I know I have to file the form 1045 Application for a tentative refund, client starting showing a loss in year 2007. Anyone have any experience with this? Any pointers or advice would be appreciated....

[WhiteOleander]

Well, actually, an S-corp would not have an NOL carryback. The loss passes out to the shareholder/s on a K-1. Then the shareholder deals with the loss on their personal return.

[dor1500]

I know that the personal return is the one that is affected and line 40 or 41 on the 1040 is (depending on year of return) is the line that shows the NOL.

[WhiteOleander]

No, the NOL is reported on line 21 of teh 1040.

[dor1500]

I talked to an IRS agent about a few weeks back and he is the one that told me that line 40 or 41 is the line to look at. I am confused any help?????

[BOB W]

I talked to an IRS agent about a few weeks back and he is the one that told me that line 40 or 41 is the line to look at. I am confused any help?????

Line 21 is where it will end up on next years return. You have to elect the carryforward on this years return. Your tax program next year should show the NOL (this year's) on an NOL worksheet.