New (tax) year, new help!
Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.
See also: 1120 New York frequently asked questions
Federal Net Operating Loss Carryover
The Income (Loss) fields should reflect the federal taxable income or loss for each of the preceding periods. Enter losses as negative numbers and income as positive numbers for each of the 19 prior tax years. This allows the application to determine the amount of NOL available to the current year as a carryforward.
The application adds the amount in this field to the income or loss reflected in the Income (Loss) field to determine the amount for Form NYC-NOLD-GCT, column B.
The application adds the amount in this field to the income or loss reflected in the Income (Loss) field to determine the amount available for carryover or carryback. If a prior year NOL was utilized, enter the amount of loss reflected in the Income (Loss) field that was utilized in prior years as a positive number. If income in a prior year was offset by a NOL carryback, enter the amount of income reflected in the Income (Loss) field that was offset as a negative number.
2018 UltraTax CS
