Net operating loss carryover worksheet
You can reduce the NOL carryover to reflect amounts no longer available. UltraTax CS/1120 nets prior amounts with the income loss amounts for each preceding tax year to determine if you can carry over net operating losses.
- Enter the amount of the loss reflected in theIncome (Loss)field from prior years. This should be a positive number.
- If there was income in the preceding years that can carry back a current-year NOL, enter the amount that was offset in theIncome (Loss)field. This should be a negative number.
