Screen OJRITNOL - RITA Net Operating Loss Carryover (1120)

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Net Operating Loss Carryover

Income (Loss)
Use the
Income (Loss)
field to enter the taxable income or net operating loss for the preceding years. Enter income amounts as positive numbers and loss amounts as negative numbers.
Prior Year (Income Offset) NOL Utilized
Use the fields in this column to show what portion of the first column was utilized. The application adds the amounts in the two columns to determine if there is a net operating loss carryover available to the current year.
  • If the corresponding field in the first column reflects income, enter a negative number in this column to show the amount of RITA net operating loss deduction previously used.
  • If the corresponding field in the first column reflects a loss, enter a positive number in this column to show the amount of that loss previously used.

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