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Screen VTNOL - Vermont Net Operating Loss Carryover (1120)

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Refer to: 1120 Vermont frequently asked questions

Overview

Use this screen to enter VNOL information to complete the VT Net Operating Loss Carryover Worksheet.
note
For tax years beginning on and after January 1, 2007, Vermont no longer piggy-backs to the federal net operating loss. The Vermont net operating loss (VNOL) is required.

Net Operating Loss Carryover

Vermont Income (Loss)
The
Income
(Loss)
 column reflects the taxable income or net operating loss for each of the preceding periods. Enter the taxable income or Vermont net operating loss from Form CO-411 for each of the 10 prior taxable years. Enter profit years as positive numbers and loss years as negative numbers.
note
You do not have to enter years with income or the respective income offset amounts in the next column in order to have Form CO-411, Page 1 calculate correctly. However, the VT NOL Carryover Worksheet will not show the history of how net operating losses were generated and utilized if they are not entered.
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 Vermont net operating loss amount is available for carryover. If the
Income (Loss)
 column is positive, enter a negative number for the amount of net operating loss deductions reflected on Form CO-411. If the
Income (Loss)
 column is negative, enter a positive number for the amount of net operating loss utilized in prior years.
For example, a $10,000 net operating loss was generated in the 5th preceding taxable year. $2,000 of the net operating loss was utilized in the 4th preceding taxable year, $3,000 was utilized in the 3rd preceding taxable year, the 2nd preceding year was a $5,000 loss, and $4,000 was utilized in the 1st preceding taxable year. The input screen fields should appear as indicated 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)
N/A
1st
4,000
(4,000)

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