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Screen UTNOL - Utah Net Operating Loss and Contribution Carryovers (1120)

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Net Operating Loss Carryover

Income (Loss)
The
Income (Loss)
 fields reflect the taxable income or net operating loss for each of the preceding periods. Enter the taxable income or net operating loss from Form TC-20, Schedule A, line 15; or Form TC-20MC, Schedule A, Part 2, line 6. for each of the fifteen prior taxable years. Enter profit amounts as positive numbers and loss amounts as negative numbers.
note
It is not necessary to enter income or show the respective income offset amounts in the
Prior Year (Income Offset) NOL Utilized
 column in order to have Form TC-20, Schedule A or TC-20MC calculate correctly. However, if amounts are not entered, the UT 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 amount in this field 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 is positive, enter a negative number for the amount of net operating loss deductions reflected on Form TC-20, Schedule A, line 16 or TC-20MC, Schedule A, Part 2, line 7. If the
Income (Loss)
 column is negative, enter a positive number for the amount of net operating loss utilized in prior years. For example, a $10,000 net operating loss was generated in the 5th preceding taxable year; $2,000 of the net operating loss was utilized in the 4th preceding taxable year; $3,000 was utilized in the 3rd preceding taxable year; there was a $5,000 loss in the 2nd preceding taxable year; and $4,000 of the net operating loss was utilized in the 1st preceding taxable year. The amounts in the input screen fields should be as shown 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)
Use these fields to calculate the combined net operating loss deduction
If this checkbox is marked, the application calculates the NOL deduction and carryover based on the information entered in the
Income (Loss)
 and
Prior Year (Income Offset) NOL Utilized
fields in the combined client. If this field is blank, the application uses the information entered in each member’s return.

Contribution Carryover

Excess Contributions
Enter the amount of any prior-year excess charitable contributions. Since the Utah limitation is calculated separately from the federal contribution limitation, the Utah excess contributions must be entered separately.
Prior Year Utilization
Enter the amount of excess contributions from the first column that has already been used. The application subtracts the amounts entered here from the
Excess Contributions
 column to determine if there is an excess charitable contribution carryover.

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