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Screen IANOL - Iowa Net Operating Loss (1120)
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Net Operating Loss Carryover - Regular Tax
Income (Loss)
The Income (Loss) fields should reflect the taxable income or NOL for each of the preceding periods. Enter the taxable income or NOL for each of the 19 prior taxable years. Enter NOLs as negative amounts.
Adjustments to NOL
The Adjustments to NOL fields should reflect the reclassification of charitable contributions for each of the 19 prior tax years. The application uses this information to determine the amount of the NOL available to be carried forward to next year.
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 the amount available for carryover. Enter the amount of NOL that was utilized in prior years as a positive number.
For example, a $10,000 NOL generates in the 5th preceding taxable year. Of the NOL, $2,000 is utilized in the fourth preceding taxable year, $3,000 is utilized in the third preceding taxable year, and $4,000 is utilized in the second preceding taxable year. The input screen fields should appear as shown in the following table.
Preceding Tax Year | Income (Loss) | Prior Year (Income Offset) NOL Utilized |
|---|---|---|
5th | (10,000) | 9,000 |
4th | 2,000 | (2,000) |
3rd | 3,000 | (3,000) |
2nd | 4,000 | (4,000) |
Net operating loss footnote
Enter information regarding NOL adjustments in the statement. This information prints as an attachment to the return.
Use these fields to calculate the consolidated net operating loss deduction
If this field is blank, the application calculates the IA Consolidated NOL Worksheet using the combined amounts from all subsidiaries.
note
This field applies only to those using the 1120 Consolidated. Enter
X
to instruct the application to use the consolidated corporation’s net operating loss information entered in this section to calculate the IA Consolidated NOL Worksheet.