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How To Input A Prior Year Loss Carryover On Form 1120S in Turbo Tax Business S Corporation?

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March 7, 2020
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TurboTax Business Windows

Best answer by Anonymous_

@asanyal wrote:

How To Input A Prior Year Loss Carryover On Form 1120S in Turbo Tax Business S Corporation?

Can you expand on this a bit further. S corporations are pass-through entities and typically do not have loss carryovers (i.e., they are distributed to the shareholders on K-1s).

A

Anonymous_Answer

Employee

@asanyal wrote:

How To Input A Prior Year Loss Carryover On Form 1120S in Turbo Tax Business S Corporation?

Can you expand on this a bit further. S corporations are pass-through entities and typically do not have loss carryovers (i.e., they are distributed to the shareholders on K-1s).

A

asanyalAuthor

I trade stocks in my S Corp. I made a $30k loss in my 1120S for 2018, & I have a $2k gain in 2019. Does the $30k loss carry over to my 1120S for 2019? Or does the $30k loss carry over through my individual 1040?