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Screen MNNOL - Minnesota Net Operating Loss Carryover (1120)

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Net Operating Loss Carryover - Regular Tax

Income (Loss)
The fields in the
Income (Loss)
 column should reflect the taxable income or the net operating loss for each of the preceding periods. This is the equivalent of Schedule M4T, Net operating loss deduction. Enter net operating losses as negative numbers and income as positive numbers. This allows the application to determine the amount of net operating loss available to the current year as a carryforward.
note
Schedule M4T calculates correctly even if loss years only are reflected in this column. However, the MN NOL Carryover Worksheet will not indicate the years in which the losses are utilized.
Prior Year (Income Offset) NOL Utilized
Enter the amount of income or loss from the
Income (Loss)
column that was used. If the
Income (Loss)
column reflects income, enter a negative number to show the amount of income offset by net operating loss deductions. If the
Income (Loss)
 column reflects a loss, enter a positive number to show the amount of loss that was previously claimed as a deduction. The application adds the amount in this field to the income or loss reflected in the
Income (Loss)
field to determine the amount of net operating loss carryover available to the current year.

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