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Screen GANOL - Georgia Net Operating Loss Carryover (1120)
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Net Operating Loss Carryover
Income (Loss)
Use the
Income (Loss)
fields to enter the taxable income or net operating loss for each of the preceding periods. Enter income amounts as positive numbers and loss amounts as negative numbers for each of the 20 prior tax years.If the client is not subject to apportionment, use the amount from Form 600, Schedule 1, line 5. If the client is subject to apportionment for each of the 16 prior taxable years, use the amount from Form 600, Schedule 7, line 7.
For the first through fifth preceding years, enter the amount of taxable income that can be offset by net operating loss carrybacks as positive numbers. This is the equivalent of the amount of income from Form 600, Page 1, line 7.
Prior Year(s) (Income Offset) NOL Utilized
The application adds the amounts in these fields to the income or loss reflected in the corresponding
Income (Loss)
fields to determine the amount available for carryover or carryback.Prior Year NOL Utilized:
Use the statement to enter the following:- The year in which taxable income was generated.
- The amount of the net operating loss utilized to offset the income. Enter as a positive number.
If only one income year is entered, this information prints on Form 600, Page 6. If more than one income year is entered, the total net operating loss utilized prints on Form 600, and a supporting schedule prints detailing the various years.
For example, a $10,000 net operating loss was generated in the 5th preceding taxable year. Of that total net operating loss, $2,000 was carried back and $7,000 was carried forward with $3,000 utilized in the 3rd preceding taxable year, and $4,000 was utilized in the 2nd preceding taxable year.
The amounts in the statement dialog field should appear as indicated in the table that follows:
12/31/2004 | 4,000 |
|---|---|
Income Year | NOL Utilized (Income Offset) |
12/31/2000 | 2,000 |
12/31/2003 | 3,000 |
The amounts in the input screen fields should appear as indicated in the table that follows:
Preceding Tax Year | Income (Loss) | Prior Year (Income Offset) NOL Utilized |
|---|---|---|
5th | (10,000) | 9,000 |
4th | N/A | N/A |
3rd | 3,000 | N/A |
2nd | 4,000 | N/A |
1st | N/A | N/A |
(Income Offset):
Use the statement to enter as a negative number the amount of income reflected in the Income (Loss)
field that was offset with net operating loss carrybacks. This is only necessary for income in the first and second preceding years that can be used to carryback a current year net operating loss. However, the application proformas income amounts to provide 20 years of historical information.For example, if Taxable Income (line 30) in the 2nd preceding year was $15,000 and the 1st preceding year was a $7,000 net operating loss that was carried back to the 2nd preceding year, the input screen fields should appear as indicated in the following table.
Preceding Tax Year | Income (Loss) | Prior Year (Income Offset) NOL Utilized |
|---|---|---|
- | - | - |
NOL Carryback Force
The application calculates and enters the allowable carryback deduction against each prior year’s taxable income. To change the calculated amount, enter the deduction in these fields.
Use these fields to calculate the consolidated net operating loss deduction
Enter
X
to use the consolidated corporation’s net operating loss information entered in this section to calculate the GA Net Operating Loss Carryover Worksheet.Leave this field blank to calculate the GA Consolidated NOL Computation Worksheet using the combined amounts from all subsidiaries.