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Screen RINOL - Rhode Island Net Operating Loss (1120)

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Net Operating Loss Carryover

The application uses the information in this section to complete the Schedule B Net operating loss deduction line, as well as to complete the RI NOL Carryover Worksheet. This information proformas in future years.
note
The application automatically limits the amount of net operating loss deduction taken by C Corporations for this year so that it doesn't exceed the amount of federal net operating loss for this year.
Income (Loss)
Enter the income or loss for the corresponding box here. Enter income as positive numbers and losses as negative numbers.
NOL Utilized (Income Offset)
Enter the amount of net operating loss utilized in a prior year as a positive number. Enter the amount of income offset in a prior year as a negative number. Enter this information beginning with the oldest preceding tax year through the most recent preceding tax year. For example, if 2017 had a loss of ($7,000) and 2018 had taxable income of $3,000, $3,000 of 2017’s net operating loss was used to offset $3,000 of income from 2018. This data entry results in $4,000 of net operating loss available to this year. The input screen boxes should appear as indicated in the following table.
Preceding Taxable Year
Taxable Income / (Loss)
NOL Utilized (Income Offset)
2014
N/A
N/A
2015
N/A
N/A
2016
N/A
N/A
2017
(7,000)
3,000
2018
3,000
(3,000)

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1120 Corporation
  • State: Rhode Island

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