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Screen WICO — Wisconsin Other Carryovers (1120)

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Net Capital Loss

Net Capital Gain (Net Capital Loss)
Enter the capital gain or loss information for each of the 5 prior taxable years. The application uses this information to calculate Schedule D and the
WI Carryover Worksheet
.
  • Enter the net capital loss from Schedule D for the 5 preceding taxable years as a negative number.
  • For the first 3 preceding years, enter the net capital gain from Schedule D as a positive number. This amount is reflected on the
    WI Carryover Worksheet
     to show when a current-year net capital loss can be carried back to a prior period.
Prior Year (Gain Offset) Or Loss Utilized
The application adds the amounts entered in
Prior Year (Gain Offset) of Loss Utilized
  to the amount reflected in
Net Capital Gain (Net Capital Loss)
  to determine the Schedule D and
WI Carryover Worksheet
 amounts for loss carryover or gain available for carryback.
  • Enter the amount of capital loss that was utilized in a prior year as a positive number. For example, a net capital loss was generated in the 5th preceding taxable year in the amount of $10,000. $2,000 of the loss was carried back, $2,500 was utilized in the 4th preceding taxable year, and nothing has been utilized since. The screen should appear as follows:
Preceding tax year
Net capital gain or (loss)
Prior-year (gain offset) or loss utilized
5th
(10,000)
4,500
4th
2,500
(2,500)
3rd
N/A
N/A
2nd
N/A
N/A
1st
N/A
N/A
  • For the first 3 preceding years, enter the amount of the capital gain that has been utilized by carrybacks as a negative number. For example, the net capital gain for the third preceding taxable year was $8,000. A capital loss in the 2nd preceding taxable year was carried back in the amount of $1,000.

Section 1231 Losses

Prior Year Recaptures
Enter the amount of the 1231 loss that was previously recaptured as a positive amount. The application subtracts the amount entered here from the amount in the first column to determine if there are 1231 losses yet to be recaptured on WI Form 4797 and the
WI Carryover Worksheet
.

Contributions

Excess Contributions
Enter the amount of contributions that were disallowed as a deduction due to the taxable income limitation as a positive number for each of the 5 prior taxable years. This amount contributes to the calculation of contributions on WI Schedule 4W, line 13, and the
WI Carryover Worksheet
.
Prior Year Utilization or Reclassed to NOL
Enter the amount of each year’s excess contributions that have been utilized or reclassed and are no longer available as a deduction. The application subtracts this amount from the amount in
Excess Contributions
 to determine the carryover available to the current year.
note
This must include the amount of the charitable contributions that were reclassified to a net operating loss carryover.

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