Screen NOL - Net Operating Loss Computation (1041)

Use this screen to enter information to calculate a current-year net operating loss for Form 1045 or to carry forward to a future year.

General Information

NOL deduction statement (ELF only)
If filing electronically, you are required to enter an explanation detailing how the Net Operating Loss occurred.
Farm loss carryback on Form 1045
Mark this field to indicate that Form 1045 will be for a farm loss carryback. This field is required to calculate Form 1045.
Elect to relinquish carryback of NOL incurred during the current tax year
To relinquish a farming loss carryback, select NOL Carryback for Farming Loss in the
Elections: Number
field on the Elect Screen.
General business credit carryback
Enter the amount of unused general business credit you wish to carryback.
Method used to figure prior year tax
Enter an explanation of the method you use. Enter the prior-year income tax amounts in the
Income tax
fields on the NOL-2 Screen.

Net Operating Loss

Adjustments to nonbusiness and business items
Your entry does not override the amount calculated; it increases or decreases the calculation as appropriate.
Adjustments to taxable income
Your entry does not override the amount calculated; it increases or decreases the calculation as appropriate. Use this field to calculate only the NOL worksheet and not Form 1045.
Business portion of state / local: Taxes paid
Enter the amount of state and local tax expense attributable to business income. This amount reduces the calculated amount of nonbusiness deductions on Form 1045, Schedule A, line 6.
Business portion of state / local: Refunds
Enter the amount of state and local tax refunds attributable to business income. This amount reduces the calculated amount of nonbusiness income on Form 1045, Schedule A, line 7.
Business capital loss carryover
Enter this amount as a positive number. This amount reduces the calculated amount of business capital losses on Form 1045, Schedule A, line 11.
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