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Screen MINOL-2 - Michigan Net Operating Loss Application for Refund (1040)

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Overview

Use this screen to enter information when applying for a refund of taxes from the carryback of the current year NOL.
UltraTax CS does not have the capability to recalculate prior-year returns. Therefore, complete the following steps before completing MINOL-2 Screen:
  1. Obtain copies of the original returns for years to which you are carrying information back.
  2. Recalculate the prior-year’s tax returns that are affected by the carryback. In other words, if there is a current year NOL and you are carrying the NOL back to preceding tax years, recalculate, for example, the income tax in the prior year returns, taking the carryback into consideration.
  3. Complete MINOL-2 Screen to recalculate the HHI NOL allowed to be used for credits, based on household income, in the carryback years.
  4. Recalculate the credits, taking the HHI NOL carryback into consideration. (Attach a recalculated credit form for each year for which a credit calculation is made in the carryback period.)
  5. Using the original returns and the recalculated returns, complete the information requested in NOL Screen.

General Information

UltraTax CS uses information entered in this section to calculate the carryback period for Form MI-1045, Application for Net Operating Loss Refund.
Farm loss carryback
Enter the carryback period applicable to the current-year net operating loss.

Computation of Decrease in Tax

UltraTax CS uses information entered in this section to calculate Form MI-1045, Application for Net Operating Loss Refund.
Tax year
UltraTax CS uses the last two digits of the preceding year and each successive preceding year. Enter years in these fields to override the calculated years.
Tax after carryback
Enter the recalculated income tax on the taxable income shown on Form MI-1045, Page 2, line 32 for the applicable year. Use the tax rate applicable to the year listed on Form MI-1045, Page 2, line 23 for each column.
Refundable credits
Enter the credit from the credit forms for the preceding years, recalculated with the allowed NOL deduction. Mail the recalculated credit form with Form MI-1045.

Net Operating Loss Deduction for Subsequent Carryback Years

Enter the domestic production activities deduction attributed to Michigan. Amounts entered are used to complete Form 1045, Step 2, Computing the NOL deduction for subsequent carryback year(s).

This article applies to:

  • PRODUCT: UltraTax CS
  • Return type: 1040 Individual
  • State: Michigan

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