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Current-year net operating loss (NOL) calculation
To calculate a current-year Indiana NOL to transfer forward to future years, federal Form 1045, Schedule A-NOL will need to first be calculated under Indiana law. Next, Schedule IT-40NOL can be completed to determine the actual amount of current-year net operating loss to transfer forward.
These calculations are made automatically for Indiana residents. The relevant information transfers forward to the next year. The federal data entry and amounts entered on the
INAdj
screen are used to calculate Indiana’s Form 1045A-NOL and Schedule IT-40NOL. Use the INNOL
screen to force the amounts on Indiana Form 1045A-NOL.note
- Form 1045, Schedule A-NOL has changed from year-to-year. For any given loss year, you'll need use the corresponding year to calculate Form 1045, Schedule A-NOL.
- Under certain circumstances, it's possible to have both positive AGI and a net operating loss calculating in the same year.
- As of 2012, all net operating losses will need to transfer forward.
- UltraTax CS doesn't make NOL calculations for part-year residents or nonresidents. Use theINAdjscreen and Schedule IT-40NOL in theNon Calculatingfolder for NOL calculations to report with Form IT-40PNR.
This article applies to:
- Product: UltraTax CS
- Return type: 1040 Individual
- State: Indiana