Ignore net operating loss (NOL) generated in current year when there's taxable income

If a taxpayer has both an NOL and taxable income in the current year, you can mark the
Ignore net operating loss
checkbox in the
INNOL
screen to treat the current-year NOL carryforward amount as
0
(zero).
If a taxpayer has both an NOL and taxable income in a prior year, you can mark the
Ignore NOL
checkbox in the
INNOL-2
screen to treat the intervening year’s NOL carryback/carryforward amount as
0
(zero).
Indiana tax legislation passed in 2004 intended to make net operating loss rules more favorable to taxpayers. However, an unintended consequence of the legislation makes it feasible under certain circumstances to have both positive AGI and a net operating loss in the same year starting with tax year 2004. The net operating loss transfers forward, but it may not apply to the taxable income from the year in which the loss occurred.
Chat now

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close