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Net operating loss (NOLs)

NOL carryforward

When a net operating loss (NOL) carryforward is utilized and reduces the current year income to zero, the next year carryforward calculates using Table 1 Worksheet from Publication 536 in
Tax Forms
,
1045 - Application for Tentative Refund
.
  • Drill-down on the NOL Year of the NOL Worksheet to review the calculation on a yellow paper. You can also drill-down on line 2 to review how the taxable income, without regard to the NOL carryforward, is calculated.
  • If an NOL was carried forward for more than 1 prior year, the worksheet is completed for only 1 year of the NOL deduction. The year that's shown at the top of the worksheet is the 1st year in which an NOL carryforward existed which will reduce the current year taxable income to or below zero.
  • The amount of carryforward to the next tax year is the amount calculated on the NOL Worksheet, Line 10.

This article applies to:

  • Product: GoSystem Tax RS
  • Return type: 1040 Individual
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