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Screen IDNOL-2 - Idaho Net Operating Loss Carryover (1040)

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Overview

Use this screen to enter net operating loss carryover information. Effective retroactively to January 1, 2013, new law simplifies the treatment of net operating losses (NOLs) for Idaho individual income tax purposes by eliminating the required separate state election to forgo an NOL carryback for taxpayers wanting to carryforward all NOLs (i.e., prior Idaho law required such taxpayers to make a separate election to forgo the NOL carryback by checking a box on the Idaho return). Revising the default rule, taxpayers wanting to claim an NOL carryback for any taxable year commencing on or after January 1, 2013, will need to file an amended return carrying the loss back within one year of the end of the taxable year of the NOL that results in such carryback.

20 Year Carryover

UltraTax CS uses information entered in this section to calculate Idaho absorption income and any net operating loss available to future years on Forms 56 and 56A.
Forgo Carryback
Mark the box if the net operating loss (NOL) generated that year wasn't transferred back.
Idaho Adjusted Income or (loss)
Enter the Idaho adjusted income or loss from Form 40 or Form 43 for the corresponding year. Enter any Idaho adjusted loss as a negative amount.
NOL Subtracted On Form 39R/NR (Enter as positive)
Enter any NOL carryover from prior years if included in the adjusted income or loss amount for the corresponding year. Enter as a positive amount.
Federal Capital Loss Deducted (Enter as positive)
Enter the amount of any capital losses in excess of capital gains deducted on the federal return for the corresponding year. Enter as a positive amount.
Idaho Capital Gains Deduction (Enter as positive)
Enter any Idaho capital gain deduction that applies when calculating the Idaho adjusted income or loss for the corresponding year. Enter as a positive amount.
Idaho Qualified Business Income Deduction (Enter as positive)
Enter the portion of the Qualified Business Income Deduction (QBID), as a positive number.
MFS Filing
Mark this checkbox if the return was filed married filing separate that year. If there is a net operating loss (NOL) that year and it was carried back, it will restrict the transfer back to $50,000.
Casualty Losses on Idaho Property (Enter as negative)
Enter any casualty losses reported on federal Schedule A, Itemized Deductions, for the corresponding year, provided that the property was physically located in Idaho at the time of the casualty. Enter as a negative amount. If Form 43 was filed, multiply the Idaho percentage from the loss year's return by the amount of casualty loss reported on the federal Schedule A for that year to determine the amount for this field.
Adj to Income or (Loss) (Enter as positive)
This column is used to reduce the loss applied to a given year on Form 56A.
An amount proformas to this field if adjusted losses existed in a prior year but information about other tax years' adjusted income or loss and any NOL subtracted on Form 39 were not entered in the prior year's
IDNOL-2
 screen. The adjustment can be left in this field or if the return information for the prior year is available, enter the amounts in the columns in the
IDNOL-2
 screen and remove the adjustment.

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