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Screen IDNOL - Idaho Net Operating Loss (1120)
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Net Operating Loss Carryover
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 41 for each of the 15 prior taxable years. Enter profit amounts as positive numbers and loss amounts as negative numbers.note
Form 56 calculates correctly only if you enter income and show the respective income offset amounts in the Prior Year column. Otherwise, the ID NOL Carryover Worksheet and Form 56 do not detail the history of NOL generation and usage, or properly calculate the NOL carryback to prior years.
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 an NOL amount is available for carryover. If the Income (Loss)
column is positive, enter a negative number for the amount of NOL deductions reflected on Form 41, Page 2. If the Income (Loss)
column is negative, enter a positive number for the amount of NOL utilized in prior years.For example, a $10,000 NOL was generated in the 5th preceding taxable year; $2,000 of the NOL was utilized in the 4th preceding taxable year; $3,000 was utilized in the 3rd preceding taxable year; there was a $5,000 loss in the 2nd preceding taxable year; and $4,000 of the NOL was utilized in the 1st preceding taxable year. The amounts in the input screen fields should be as shown in the following table.
Preceding Year Tax | Income (Loss) | Prior Year (Income Offset) NOL Utilized |
|---|---|---|
5th | (10,000) | 9,000 |
4th | 2,000 | (2,000) |
3rd | 3,000 | (3,000) |
2nd | (5,000) | 0 |
1st | 4,000 | (4,000) |
Current year loss being carried back to prior year
When this field is marked, the application will carry back the amount of current year net operating loss to the two preceding tax years. The maximum amount of net operating loss carried back is $100,000.
This article applies to:
- PRODUCT: UltraTax CS
- Return type: 1120 Corporation
- State: Idaho