Screen INNOL - Indiana Net Operating Loss (1120)

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Net Operating Loss Carryover

Forgo NOL Carryback
The
Forgo NOL Carryback
fields are to be marked if in the year of loss the corporation elected not to carry back losses incurred in that year.
Prior Year NOL Utilized (Income Offset)
Enter the losses reflected in the
Taxable Business Income
fields that were utilized in prior years in this column as positive numbers. Enter the income reflected in the
Taxable Business Income
fields that was offset by NOL in this column as a negative number.
Taxable Business Income
The
Taxable Business Income
fields should reflect the taxable income (or loss) as shown on Form IT-20, line 15 before net operating loss for each preceding period. Enter losses as negative numbers for each of the 20 prior tax years and income as positive numbers.
Use these fields to calculate the consolidated net operating loss deduction
Enter
X
to instruct the application to use the consolidated corporation’s net operating loss information entered in this section to calculate the IN Consolidated NOL Carryover Worksheet. Leave this field blank to instruct the application to calculate the IN Consolidated NOL Carryover Worksheet using the combined amounts from the parent and all subsidiaries.

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