Generate the net operating loss deduction and supporting worksheets
To generate the New York City Net Operating Loss deduction and supporting worksheets for a federal S Corporation, you need to enter the prior-year loss information for the federal return as negative amounts in the NYNOLFed screen in the NYC Carryovers folder, as if the federal entity was a C Corporation.
The deduction is automatically 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.
