State Passive Loss Carry forwards are not being applied to state return, just federal.

Forum|Forum|5 years ago
March 19, 2021
1 reply
17 views

I also entered an amount in the State section but the losses are not being applied on the state. Just the federal.

ProConnect Tax

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itonewbie

Level 15

Did you code it to the correct state on the Passive Losses tab under the State, if different (-1=none) section?

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S

schwartzAuthor

Level 2

Yes. The carryover is noted on the NJ BUS-2 form but tax is computed on the gain less the carry over.

itonewbie

Level 15

I'm a bit confused by your statements. First, you said "losses are not being applied on the state.". You now say "carryover is noted on the NJ BUS-2 form but tax is computed on the gain less the carry over."

Based on your last response, it does sound like it's flowing through to NJ. Can you be more specific about the amounts, what you expected, and what you see?

As you may be aware, NJ taxes gross income and limits losses for different categories of income.

---------------------------------------------------------------------------------Still an AllStar

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