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Screen GANOL - Georgia Net Operating Loss Tentative Refund (1040)

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Overview

Enter information from prior-year returns to calculate the carryback and carryforward net operating loss. UltraTax CS calculates net operating loss for the return with residency status of full-year resident. Information on this screen transfers to Georgia Form 500-NOL, Net Operating Loss Adjustment for resident return.
note
Note
: Georgia doesn't record an NOL unless the NOL forms are mailed to the state. Separate instructions are provided to the taxpayer. Georgia has advised that any NOL form attached asa  PDF to a return won't be processed.

General Information

UltraTax CS uses information entered in this section to complete the general NOL portion of Form 500-NOL, Application for Tentative Carryback Adjustment.
Carryback period
Select the carryback period from the dropdown list in this field. This is a mandatory entry for calculating Form 500-NOL for residents.
Net operating loss (Force) / ... / Net operating loss 5 year farming loss carryback amount (Force)
Use these fields to force the net operating loss amount that is calculated on Form 500-NOL, Page 2. The forced amounts transfer to Pages 1 and 3 to calculate the carryback and carryover sections of Form 500-NOL for residents.
Elect to forgo carryback period
Enter
X
 to elect to forgo the carryback period. If the election is made on the federal return, UltraTax CS automatically enters
X
 in this field.
On the Letter screen, select
1
 from the dropdown list in the
Number
 field in the General folder to print the GA NOL Forgo Carryback election with the return.
Print separate filing instructions
Enter
X
 to print a separate filing instruction if this form isn't prepared with Georgia Form 500 and an individual filing instruction is required.

Computation of Decrease in Tax
2023
 and earlier.

Credits
Enter the credits recalculated based on the new Georgia AGI and deductions.
If this calculation changes the amount of credit carryovers, enter the new amounts on the credit screens.

Net Operating Loss Carryover

Use this section to enter amounts used to calculate the NOL carryover on Form 500-NOL, Page 3.
Taxable income (Force)
Use these fields to force the proforma'd Taxable Income to this screen. The amounts transfer to Form 500-NOL for any or all of the three preceding years.

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