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Screen CANOL - California Current Year Net Operating Loss (1040)
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Overview
Use this screen to enter information to adjust the current-year net operating loss and to calculate Form 3805V, Net Operating Loss (NOL) Computation and NOL and Disaster Loss Limitations - Individuals, Estates and Trusts, and Schedules CA (540) and CA (540NR), California Adjustments. Form 3805V is calculated when there is a current-year NOL or carryover of a prior-year NOL or disaster loss.
General Information
UltraTax CS uses information entered in this section to complete Form 3805V. For part-year and nonresident returns, a second unit of Form 3805V is prepared using California source amounts.
Type of current year loss to be carried forward
Enter the type of NOL to be transferred forward from the current year. The form indicated in this field will proforma an NOL calculated in the current year to the next year. The form not indicated here will not include NOL calculated in the current year in the proforma to next year.
Business capital loss carryovers: Total sources: Regular
Enter business capital loss carryovers. Amounts entered in this field transfer to Form 3805V, line 13, Business capital losses, Page 1 for resident returns or Page 2, column A for nonresident and part-year returns.
Business capital loss carryovers: Total sources: AMT
Enter AMT business capital loss carryovers. Amounts entered in this field transfer to the AMT version of Form 3805V, line 13, Business capital losses, Page 1 for resident returns or Page 2, column A for nonresident and part-year returns. Blank amounts are treated as zero; AMT amounts do not default to regular tax amounts.
Business capital loss carryovers: California sources (Part-year and nonresident only): Regular
Enter business capital loss carryovers from California sources that were earned during a period of non-residency. Amounts entered in this field transfer to Form 3805V, line 13, column D.
Business capital loss carryovers: California sources (Part-year and nonresident only): AMT
Enter AMT business capital loss carryovers from California sources that were earned during a period of nonresidency. Amounts entered in this field transfer to the AMT version of Form 3805V, line 13, column D. Blank amounts are treated as zero; AMT amounts do not default to regular tax amounts.
Detail if current year loss is from a pass-through entity
Use this statement dialog to enter details concerning any losses from a pass-through entity. If the loss is for an eligible small business or new business, enter the FEIN for the business. These entries transfer to Form 3805V, Page 3.
Adjusted gross income from California sources while nonresident (Part-year only)
Enter income from California sources earned while a nonresident of California that is not included in Form 3805V, Page 2, column D.
Itemized or standard deduction from California sources while nonresident (Part-year only)
Enter deductions from California sources while a nonresident of California that are not included on Form 3805V, Page 2, column D.
Capital Gains and Losses
UltraTax CS uses information entered in this section to complete Form 3805V, Part I, Sections A and B.
Regular tax amount / AMT amount: Nonbusiness capital gains / losses
Use these fields to force the calculated nonbusiness capital gains and losses. Nonbusiness capital gains and losses are those from other than a trade or business. Gains and losses from Schedule D (540) or D (540NR) (without net gains from Schedule D-1) are determined to be nonbusiness capital gains and losses.
Regular tax amount / AMT amount: Business capital gains / losses
Use these fields to force the calculated business capital gains and losses. Schedule D-1 net gains reported on Schedule D (540) or D (540NR) are treated as business capital gains.
Regular Tax Amount while NR
Enter amounts from California sources that are entered into UltraTax CS with a postal code other than California. These amounts are used to calculate Form 3805V, Column D.
AMT Amount while NR
Enter amounts from California sources that are entered in UltraTax CS with a postal code other than California. These amounts are used to calculate the AMT version of Form 3805V, Column D. Blank amounts are treated as zero; AMT amounts do not default to regular tax amounts.
Nonbusiness Income and Deductions
Nonbusiness income
Use these fields to force the calculated amounts for nonbusiness income. Nonbusiness income is all income not from a trade or business (other than capital gains). Income from estates and trusts defaults to nonbusiness income.
Nonbusiness deductions
Use these fields to force the calculated amounts for nonbusiness deductions. Nonbusiness deductions are deductions that arise from activities other than a trade or business and are not related to employment. If the standard deduction is used, it is included in the nonbusiness deduction.
AMT amount while Nonresident: Nonbusiness income (Part-year only)
Enter amounts for AMT nonbusiness income from California sources when the associated postal code is not CA. AMT nonbusiness income is all income not from a trade or business (other than capital gains) recalculated with AMT rules. Income from estates and trusts defaults to nonbusiness income. This amount is used to calculate the AMT version of Form 3805V. Blank amounts are treated as zero; AMT amounts do not default to regular tax amounts.
AMT amount while Nonresident: Nonbusiness deductions (Part-year only)
Enter amounts for AMT nonbusiness deductions from California sources when the associated postal code is not CA. AMT nonbusiness deductions are deductions from activities other than a trade or business and are not related to employment. If the standard deduction is used, it is included in the AMT nonbusiness deduction. This amount is used to calculate the AMT version of Form 3805V. Blank amounts are treated as zero; AMT amounts do not default to regular tax amounts.
Modified Taxable Income
Use this section to force California modified taxable income for NOL and AMT NOL purposes.
Regular Tax Amount: Taxable income
Use these fields to force the calculated taxable income for NOL purposes. California taxable income for NOL purposes is California AGI less California itemized or standard deductions. An amount entered in these fields transfers to Form 3805V, Part 2.
AMT Amount: Taxable income
Use these fields to force the calculated loss for the current year for AMT NOL purposes. An amount entered in these fields transfers to the California AMT NOL Worksheet, line 1.
Regular Tax Amount: Capital / Disaster loss deduction
Use these fields to force the calculated capital loss and disaster loss deductions. The capital loss deduction is transferred from Schedule D (540) or D (540NR). The disaster loss deduction is transferred from CACO Screen. An amount entered in these fields overrides the capital loss and disaster loss on Form 3805V, Part 2.
AMT Amount: Capital loss deduction
Use these fields to force an amount different than the calculated amount for California AMT NOL Worksheet, line 5.
AMT Amount: Disaster loss deduction / NOL carryover
Use these fields to force an amount different than the calculated amount for California AMT NOL Worksheet, line 2.
Regular Tax Amount: NOL carryover
Use these fields to force the calculated NOL carryover. An amount entered in these fields overrides the NOL carryover deduction transferred from Schedule CA (540) or CA (540NR) to Form 3805V, Part 2.
Adjustment to Itemized Deductions
Enter an amount for the adjustment to itemized deductions in the calculation of Modified Taxable Income for Form 3805-V, Part II.