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Screen CAAMTCO - California Net Operating Loss Carryover - AMT (1120)

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Overview

Use this screen to track the AMT NOL carryovers. The application uses this information to calculate Schedule P and the CA AMT NOL and Disaster Loss Carryover Worksheet.
note
Per California Franchise Tax Board Legal Division Guidance 2011-10-01, New Business and Eligible Small Business NOL provisions are irrelevant for tax years beginning on or after January 1, 2004, because NOLs may be fully carried over without limitation. For these tax years, the carryovers for General NOL, New Business NOL, and Eligible Small Business NOL are combined and reported as a General NOL carryover only, for each applicable year.

Net Operating Loss - AMT

The application uses information entered in this section to complete the CA AMT NOL and Disaster Loss Carryover Worksheet.
note
The
Suspension Applies
box from the CANOL screen applies to the corresponding year for this screen also.
Initial Loss
In this column, enter each year’s original disaster, new business, small business, and general losses. Note that loss amounts entered should be reduced by appropriate percentages where necessary. All losses need to be entered as a positive number.
Remaining Initial Loss from Prior Year
In this column, enter the amount of initial loss from the previous column that is still available for carryover. This amount can't be more than the initial loss in the previous column. All loss carryovers need to be entered as a positive number.

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