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Employee
September 23, 2024
Question

Does the NOL from CA 100S migrate to the personal K-1 giving a tax break?

  • September 23, 2024
  • 2 replies
  • 0 views

The S corp had Ordinary business income of $451.00. On the CA 100S State Adjustments line 8 is 1251 after the $800 minimum tax paid was added back in. $1251 of carried over NOL was applied resulting in CA net Income line 20 being 0.  

I should know this already, but I have been down the rabbit hole for days and trying to figure out if there is any flow through of the NOL to our 1040 to offset our personal taxes?  I don't see the benefit of this NOL being tracked. The company has never owed more than $800 minimum to CA. If there is some adjustment I should be doing manually to the State return, I need some direction please.

2 replies

Employee
September 23, 2024
No text available
Employee
September 25, 2024

Still waiting for an expert to chime in.

Employee
September 23, 2024

Well, I am starting to think that FTB 3805V is what I need to file. I don't think I have ever used this form and now thinking about which returns I am going to be able to amend. Still looking forward to the expert chiming in. Guess I can print out the Business return now and move to personal.