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To generate the New York City Net Operating Loss deduction and appropriate supporting worksheets for a federal S Corporation, the prior-year loss information for the federal return will need to be entered as negative amounts in Screen NYNOLFed in the NYC Carryovers folder, as if the federal entity had been a C Corporation.

The deduction will automatically be limited to the amount that would have been deducted on the federal return, per NYC Reg 11-28 [Admin Code 11-602 (8)(f)]. Prior income and loss information and utilization amounts proforma each year.

Related topic: 1120 New York frequently asked questions

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