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Screen CONOL - Colorado Net Operating Loss (1120)

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Net Operating Loss

Income (Loss)
The Income (Loss) fields should reflect the taxable income or net operating loss for each of the preceding periods. Enter the taxable income or net operating loss from Form 112 for each of the applicable prior taxable years. Enter profit years as positive numbers and loss years as negative numbers.
Adjustments To NOL
A positive amount will decrease the carryover available and a negative amount will increase the carryover available. The application adds this amount to the amount entered in the Income (Loss) field to determine the net loss available for carryover.
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 the amount of net operating loss deductions reflected on Form 112 as a negative number. If the Income (Loss) column is negative, enter the amount of net operating loss used in prior years as a positive number.
For example, a $10,000 net operating loss was generated in 2014. $2,000 of the net operating loss was used in 2015, $3,000 was used in 2016, there was a $5,000 loss in 2017, and $4,000 was used in 2018. The input screen fields should appear as indicated in the following table.
Preceding Tax Year
Income /(Loss)
Prior Year (Income Offset) NOL Utilized
2014
(10,000)
9,000
2015
2,000
(2,000)
2016
3,000
(3,000)
2017
(5,000)
N/A
2018
4,000
(4,000)
Net operating loss footnote
Enter information regarding net operating loss adjustments in the statement window. This information prints as an attachment to the return.
Use these fields to calculate the consolidated or combined NOL deduction
If this field is blank, the application calculates the CO Consolidated and Combined NOL Computation Worksheet using the combined amounts from all subsidiaries.
note
This field applies only to those using the application Consolidated or Combined. Enter
X
 to teach the application to use the consolidated or combined corporation’s net operating loss information entered in this section to calculate the CO Consolidated and Combined NOL Computation Worksheet.

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