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Screen OKNOL - Oklahoma Net Operating Loss (1120)

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Net Operating Loss Carryover

Income (Loss)
These fields should reflect the taxable income or net operating loss for each of the preceding periods. Enter the taxable income or net operating losses for each of the 20 prior taxable years. Enter profits as positive numbers and losses as negative numbers.
note
If the net operating loss is not carried back, it is not necessary to enter years with income or show the respective income offset amounts in the next column for the Oklahoma Net Operating Loss to calculate correctly. However, the OK Net Operating Loss Carryover Worksheet does not show the history of how net operating losses were generated and utilized.
Prior Year (Income Offset) NOL Utilized
The application adds the amounts in these fields to the income or loss reflected in the
Income (Loss)
 fields to determine if there is a net operating loss amount available for carryover. If the
Income (Loss)
 column amount is positive, enter the amount of net operating loss utilized as a negative number. If the
Income (Loss)
 column amount is negative, enter the amount of net operating loss utilized in prior years as a positive number.
For example, a $10,000 NOL was generated in the 5th preceding taxable year. Of the NOL, $2,000 was utilized in the 4th preceding taxable year, $3,000 was utilized in the 3rd preceding taxable year, the 2nd year was a $5,000 loss, and $4,000 was utilized in the 1st preceding taxable year. The input screen fields should appear as indicated in the following table.
Preceding Tax Year
Income (Loss)
Prior Year (Income Offset) NOL Utilized
5th
(10,000)
9,000
4th
2,000
(2,000)
3rd
3,000
(3,000)
2nd
(5,000)
N/A
1st
4,000
(4,000)

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