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Screen MTNOL - Montana Net Operating Loss Carryover (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 CIT for each of the 7 prior taxable years. Enter income amounts as positive numbers and loss amounts as negative numbers.
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 a net operating loss amount is available for carryover. If the
Income (Loss)
 column is positive, enter a negative number for net operating loss deductions reflected on Form CIT, Page 3. If the
Income (Loss)
 column is negative, enter a positive number for the net operating loss utilized in prior years.
Example:
 A $10,000 net operating loss is generated in the fifth preceding taxable year; $2,000 of the net operating loss is utilized in the fourth preceding taxable year; $3,000 is utilized in the third preceding taxable year; there is a $5,000 loss in the second preceding taxable year; and $4,000 of the net operating loss is utilized in the first preceding taxable year. The input screen field amounts should be 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
(5,000)
0
1st
4,000
(4,000)
Elect to forgo carryback of current year net operating loss
To forgo the carryback of a current year loss for Montana purposes, enter
X
. To carryback the Montana loss although the federal loss carryback was forgone, leave this field blank.

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