Skip to main content

Legal

Tax & Accounting

Trade & Supply

Risk & Fraud

News & Media

Books

Developers

Screens

Screen AKNOL - Alaska Net Operating Loss and Contribution Carryover (1120)

Show all hidden content

Net Operating Loss Carryover

The
Income (Loss)
 fields should reflect the taxable income or net operating loss for each of the preceding periods. Enter the taxable income or net operating loss from Form 6000 for each of the 18 prior taxable years. Enter income amounts as positive numbers and loss amounts as negative numbers.
Enter the amount of charitable contributions converted to net operating loss as a negative number. This amount is added to the
Income (Loss)
 to determine the total income (loss) for each preceding tax year.
The application adds this amount to the income or loss reflected in the
Income (Loss)
 and the
(Charitable Contributions Reclassed to NOL)
 fields to determine if a net operating loss amount is available for carryover.
Enter the amount of loss reflected in the
Income (Loss)
 field that was utilized in prior years in this column as a positive number. Enter the amount of income reflected in the
Income (Loss)
 fields that was offset by a net operating loss in this column as a negative number.
For example, a $10,000 net operating loss was generated in the 5th preceding taxable year; $2,000 of the net operating loss was utilized in the 4th preceding taxable year; $3,000 was utilized in the 3rd preceding taxable year; there was a $5,000 loss in the 2nd preceding taxable year; and $4,000 of the net operating loss was utilized in the 1st preceding taxable year. The input screen amounts fields should appear as shown in the following table.
Preceding Tax Year
Income (Loss)
Prior Year (Income Offset) NOL Utilized
5th
(10,000)
9,000
4th
2,000
(2,000)
3rd
3,000
(3,000)
2nd
(5,000)
1st
4,000
(4,000)
Enter information regarding net operating loss adjustments in the statement. This information prints as an attachment to the return.
If this field is blank, the application calculates the AK Consolidated NOL Carryover Worksheet using the combined amounts from the parent and all subsidiaries.

Contributions

Enter as a positive number, the amount of contributions disallowed as a deduction due to the Alaska taxable income limitation; enter this amount for each of the five prior taxable years. The amount entered here should be equal to the total contributions disallowed. The AK Charitable Contribution Carryover Worksheet displays the current-year carryover calculation amount and can be used as a guideline in calculating the prior-year excess contributions.
Enter as a positive number the amount of charitable contributions reclassed to net operating loss. This amount, along with the amount of
Prior Year Utilization
 is subtracted from the amount of
Excess Contributions
to determine if there is an excess charitable contribution carryover.
Enter the amount of excess contributions from the 1st column that has already been used. This amount, along with the amount in the
Reclassed to NOL
is subtracted from the amount entered in the
Excess Contributions
 column to determine if there is an excess charitable contribution carryover.
Chat now

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close