Question
1120 NOL Carryover where Current Year has NOL itself
If a C Corporation has NOL for current year, then 1120 line 29a for Net Operating Loss deduction would be 0, since it's already a loss.
On 1120 Schedule K question 12 asks:
- Enter the available NOL carryover from prior tax years (do not reduce it by any deduction reported on
page 1, line 29a.)
Do you simply report total NOL from prior years or leave it blank if no NOL is applied on 29a?
