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Screen NJNOL - New Jersey Net Operating Loss (1120)
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High Technology Net Operating Loss
High Technology NOL Utilized
For each of the preceding tax years, enter the amount of high technology NOL utilized in a prior year as a positive number. For example, the corporation purchased in 2009 a high technology net operating loss of ($8,000) which was earned in 1999, none of which was utilized in 2009. In tax year 2010, the corporation had income before net operating losses of $5,000, and thus was able to use $5,000 of this high technology net operating loss. This data entry results in $3,000 of high technology net operating loss available to the current year.
The input screen boxes should appear as indicated in the table that follows:
Tax Year | High Technology NOL | Prior Year High Technology NOL Utilized |
|---|---|---|
1999 | (8,000) | 5,000 |
2000 | N/A | N/A |
2001 | N/A | N/A |
High Technology (NOL)
Use the
High Technology (NOL)
boxes to enter eligible high technology net operating losses purchased through the high-technology incentive program or generated internally for each eligible period. Enter the loss amounts as negative numbers. Amounts entered here should not
be included in the Taxable Income (Loss)
column of the New Jersey Net Operating Loss section of this screen. The high technology portion of the NOL deduction calculates for the current year based on these loss amounts only.Net Operating Loss
New Jersey Adjustments
Enter the New Jersey adjustments in these boxes for the prior tax years. For each of the preceding years, enter the net adjustments that correspond to Form CBT-100, Schedule A, or Form CBT-100S, Schedule A.
(Income Offset) NOL Utilized
For each of the preceding tax years, enter the amount of regular NOL utilized in a prior year as a positive number, and enter the amount of income offset in a prior year as a negative number. For example, the second preceding tax year had a taxable loss of ($6,000), and ($500) of New Jersey adjustments. The first preceding tax year had taxable income of $3,000 and ($100) of New Jersey adjustments, and $2,900 worth of the 2nd preceding tax year’s NOL was utilized. This data entry results in $2,600 of regular NOL available this year which may be deducted against current income New Jersey income.
The input screen boxes should appear as indicated in the table that follows:
Preceding Tax Year | Taxable Income (Loss) | New Jersey Adjustments | Prior Year Regular (Income Offset) NOL Utilized |
|---|---|---|---|
7th | N/A | N/A | N/A |
6th | N/A | N/A | N/A |
5th | N/A | N/A | N/A |
4th | N/A | N/A | N/A |
3rd | N/A | N/A | N/A |
2nd | (6,000) | (500) | 2,900 |
1st | 3,000 | (100) | (2,900) |
Amount Excluded From Income
Enter the amount excluded from federal income un IRC 108(1) subparts A through C. New Jersey requires under P.L. 2014, C. 13, that amounts reduced from federal taxable income under these subparts of IRC Section 108 will need to be reduced from the calculation of a net operating loss for tax years ending after June 30, 2014.