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Screen CACO - California Other Carryovers (1120)

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Net Capital Loss

Net Capital Gain (Net Capital Loss)
Enter the net capital gain or loss for each year in this column. This should be only the activity for each year’s sales and should not reflect carryover amounts. Enter net losses as negative amounts and enter net gains as positive amounts.
Prior Year (Gain Offset) or Loss Utilized
The amounts in the
Prior Year (Gain Offset) or Loss Utilized
 boxes will be added to the amounts reflected in the
Net Capital Gain (Net Capital Loss)
 boxes to determine if there is a capital loss carryforward. Enter the amount of capital loss that was utilized in a prior year as a positive number.

Section 1231 Losses

Section 1231 Loss
Enter the Section 1231 losses taken each year. Enter the losses as positive amounts.
Prior Year Recaptures
Enter the amount of Section 1231 loss from the 1st column that has already been recaptured to date. The application subtracts the amounts entered here from the
Section 1231 Loss
 column to determine if there are still Section 1231 losses subject to recapture. Enter the recapture amount as a positive number.

Contributions

Excess Contributions
Enter the excess charitable contribution disallowed from prior years.
Prior Year Utilized
Enter the amount of excess contributions from the 1st column that has already been used. The application subtracts the amounts entered here from the
Excess Contributions
 column to determine if there is an excess charitable contribution carryover.

Contributions - AMT

Use this section to enter alternative minimum tax charitable contribution carryovers. For S Corporations, this amount is merely tracked for future years in case the corporation no longer has S Corporation status.
AMT Excess Contributions
Enter the excess AMT charitable contribution disallowed from prior years.
Prior Year Utilized
Enter the amount of excess AMT contributions from the 1st column that has already been used. The application subtracts the amounts entered here from the
AMT
Excess Contributions
 column to determine if there is an excess charitable contribution carryover.

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