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Screen LANOL - Louisiana Net Operating Loss Carryover (1120)

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Net Operating Loss

Income (Loss)
Enter the taxable income or net operating loss for each of the preceding years. Enter income amounts as positive numbers and loss amounts as negative numbers.
Federal Tax Refund, Credit or Adjustment
Enter the federal adjustments for each of the preceding years and the current year. Enter positive adjustments as positive numbers and negative adjustments as negative numbers.
Prior Year (Income Offset) NOL Utilized
The application adds the amounts in these fields to the income or loss reflected in the corresponding
Income (Loss)
and
Federal Tax Refund, Credit or Adjustment
 fields to determine the amount available for carryover or carryback.
Prior Year NOL Utilized:
 Enter a loss amount that has already been utilized in prior years as a positive number. Enter the income offset as a negative number.
For example, an $11,000 NOL was generated in the 5th preceding taxable year, with a $1,000 federal adjustment. Of that total NOL, $2,000 was carried back and $7,000 was carried forward, with $3,000 being utilized in the 3rd preceding taxable year, and $4,000 utilized in the 2nd preceding taxable year.
The amounts in the input screen fields should appear as indicated in the following table.
1st Preceding Tax Year End
Income (Loss)
Federal Tax Refund, Credit, or Adjustment
Prior Year (Income Offset) NOL Utilized
5th
(11,000)
1,000
9,000
4th
N/A
N/A
N/A
3rd
2,000
1,000
(3,000)
2nd
5,000
(1,000)
(4,000)
(Income Offset):
 Enter as a negative number the amount of income reflected in the
Income (Loss)
 field that was offset with NOL carrybacks. This is only necessary for income in the first through third preceding years that can be used to carryback a current-year NOL. However, the application proformas income amounts to provide previous years of historical information.
For example, if Taxable income (line 30) in the 2nd preceding year was $16,000, with a $1,000 negative adjustment and the 1st preceding year was a $7,000 NOL that was carried back to the 2nd preceding year, the input screen fields should appear as indicated in the following table.
Preceding Tax Year End
Income (Loss)
Federal Tax Refund, Credit, or Adjustment
Prior Year (Income Offset) NOL Utilized
N/A
N/A
N/A
N/A
Net operating loss footnote
Enter information regarding NOL adjustments in this statement. This information prints as an attachment to the return.
Prior period federal tax refund applicable to loss carryforward
Enter the amount of federal tax refund that applies to the loss carryforward of the applicable year. The application uses this information to complete Form CIFT-620SD, Page 1.

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