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Screen KYNOL - Kentucky Net Operating Loss and Contribution Carryovers (1120)

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Net Operating Loss Carryover

Income (Loss)
The fields in the
Income (Loss)
 column reflect the taxable income or net operating loss for each of the preceding periods. Enter the taxable income or net operating loss from Form 720 for each of the 20 prior taxable years. Enter net operating losses as negative numbers.
Prior Year (Income Offset) NOL Utilized
The application adds the amounts in the fields in this column to the amounts in the fields in the
Income (Loss)
 column to determine the amount available for carryover. Enter the amount of net operating loss that was utilized in prior years as a positive number. For example, suppose a $10,000 net operating loss is generated in the fifth preceding taxable year. $2,000 of the net operating loss is utilized in the fourth preceding taxable year, $3,000 is utilized in the third preceding taxable year, and $4,000 is utilized in the second preceding taxable year. The fields in this section of the input screen appear as follows:
Preceding Tax Year
Income (Loss)
Prior-Year NOL Utilized (Income Offset)
5th
(10,000)
9,000
4th
2,000
(2,000)
3rd
3,000
(3,000)
2nd
4,000
(4,000)
1st

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