Skip to main content

Legal

Tax & Accounting

Trade & Supply

Risk & Fraud

News & Media

Books

Developers

Carryover-Carryback

Enter net operating loss carryover

You usually only need to enter net operating loss (NOL) amounts the 1st year you prepare a corporation's return. After that, the amounts will proforma from year to year. To enter information or to view the amounts, go to the
NOL
 window in the
Carryovers
 folder.
This window has the following columns:
Income (Loss)
This column should reflect the taxable income or net operating loss for each of the preceding periods. Enter NOLs as negative numbers for each of the prior tax years. This is the equivalent of Form 1120, Taxable income before NOL deduction and special deductions minus special deductions.
Adjustments to NOL
This column is the net amount of the adjustments because of discharge of indebtedness, charitable contributions, and revenue for each prior taxable period with losses. Enter discharges of indebtedness as positive numbers. Enter reclassification of contributions as negative numbers.
(Income Offset) NOL Utilized
This column is the amount of the loss reflected in the
Income (Loss)
 field that was used in prior years. This is a positive number. The amount that was offset by NOL is a negative number. The application adds this amount to the income or loss reflected in the
Income (Loss)
 and
Adjustments To NOL
 fields to determine the amount available for carryover or carryback.
Chat now

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close