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Screen IANOL - Iowa Net Operating Loss (1040)

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Overview

Use this screen to enter information to adjust the current-year net operating loss, and to calculate Form Iowa NOL Worksheet, Section A, and to enter the carryback information.

Current Year Information

Use this section to enter information to calculate the current-year net operating loss and the net operating loss deduction. All entries in this section adjust the NOL Worksheet, Section A. If separate taxpayer and spouse NOLs are required, enter the amounts that apply to each in the appropriate columns.
Amounts are transferred from the IA1040. Enter amounts in these fields to override the calculated amounts or to allocate the amounts between taxpayer and spouse.

Carryback Information

If there are mixed year carryback periods, for example a 5-year farm loss and a 2-year business loss in the same year, enter the entire NOL amount in the 5-year field. UltraTax CS transfers the full amount back for five years per Iowa requirements.
The detailed information for the carryback years should be entered in the IANOL-2 Screen.
Federal election to forgo carryback
If there is no federal NOL, the loss for Iowa must be carried back. Department instructions do not allow the carryback to be forgone. Under this situation, select
2
 for No.

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