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Screen CANOL - California Current Year Net Operating Loss (1040)

Overview

Use this screen to enter information to adjust the current-year net operating loss and to calculate Form 3805V, Net Operating Loss (NOL) Computation and NOL and Disaster Loss Limitations - Individuals, Estates and Trusts, and Schedules CA (540) and CA (540NR), California Adjustments. Form 3805V is calculated when there is a current-year NOL or carryover of a prior-year NOL or disaster loss.

General Information

UltraTax CS uses information entered in this section to complete Form 3805V. For part-year and nonresident returns, a second unit of Form 3805V is prepared using California source amounts.
Enter the type of NOL to be transferred forward from the current year. The form indicated in this field will proforma an NOL calculated in the current year to the next year. The form not indicated here will not include NOL calculated in the current year in the proforma to next year.
Enter business capital loss carryovers. Amounts entered in this field transfer to Form 3805V, line 13, Business capital losses, Page 1 for resident returns or Page 2, column A for nonresident and part-year returns.
Enter AMT business capital loss carryovers. Amounts entered in this field transfer to the AMT version of Form 3805V, line 13, Business capital losses, Page 1 for resident returns or Page 2, column A for nonresident and part-year returns. Blank amounts are treated as zero; AMT amounts do not default to regular tax amounts.
Enter business capital loss carryovers from California sources that were earned during a period of non-residency. Amounts entered in this field transfer to Form 3805V, line 13, column D.
Enter AMT business capital loss carryovers from California sources that were earned during a period of nonresidency. Amounts entered in this field transfer to the AMT version of Form 3805V, line 13, column D. Blank amounts are treated as zero; AMT amounts do not default to regular tax amounts.
Use this statement dialog to enter details concerning any losses from a pass-through entity. If the loss is for an eligible small business or new business, enter the FEIN for the business. These entries transfer to Form 3805V, Page 3.
Enter income from California sources earned while a nonresident of California that is not included in Form 3805V, Page 2, column D.
Enter deductions from California sources while a nonresident of California that are not included on Form 3805V, Page 2, column D.

Capital Gains and Losses

UltraTax CS uses information entered in this section to complete Form 3805V, Part I, Sections A and B.
Use these fields to force the calculated nonbusiness capital gains and losses. Nonbusiness capital gains and losses are those from other than a trade or business. Gains and losses from Schedule D (540) or D (540NR) (without net gains from Schedule D-1) are determined to be nonbusiness capital gains and losses.
Use these fields to force the calculated business capital gains and losses. Schedule D-1 net gains reported on Schedule D (540) or D (540NR) are treated as business capital gains.
Enter amounts from California sources that are entered into UltraTax CS with a postal code other than California. These amounts are used to calculate Form 3805V, Column D.
Enter amounts from California sources that are entered in UltraTax CS with a postal code other than California. These amounts are used to calculate the AMT version of Form 3805V, Column D. Blank amounts are treated as zero; AMT amounts do not default to regular tax amounts.

Nonbusiness Income and Deductions

Use these fields to force the calculated amounts for nonbusiness income. Nonbusiness income is all income not from a trade or business (other than capital gains). Income from estates and trusts defaults to nonbusiness income.
Use these fields to force the calculated amounts for nonbusiness deductions. Nonbusiness deductions are deductions that arise from activities other than a trade or business and are not related to employment. If the standard deduction is used, it is included in the nonbusiness deduction.
Enter amounts for AMT nonbusiness income from California sources when the associated postal code is not CA. AMT nonbusiness income is all income not from a trade or business (other than capital gains) recalculated with AMT rules. Income from estates and trusts defaults to nonbusiness income. This amount is used to calculate the AMT version of Form 3805V. Blank amounts are treated as zero; AMT amounts do not default to regular tax amounts.
Enter amounts for AMT nonbusiness deductions from California sources when the associated postal code is not CA. AMT nonbusiness deductions are deductions from activities other than a trade or business and are not related to employment. If the standard deduction is used, it is included in the AMT nonbusiness deduction. This amount is used to calculate the AMT version of Form 3805V. Blank amounts are treated as zero; AMT amounts do not default to regular tax amounts.

Modified Taxable Income

Use this section to force California modified taxable income for NOL and AMT NOL purposes.
Use these fields to force the calculated taxable income for NOL purposes. California taxable income for NOL purposes is California AGI less California itemized or standard deductions. An amount entered in these fields transfers to Form 3805V, Part 2.
Use these fields to force the calculated loss for the current year for AMT NOL purposes. An amount entered in these fields transfers to the California AMT NOL Worksheet, line 1.
Use these fields to force the calculated capital loss and disaster loss deductions. The capital loss deduction is transferred from Schedule D (540) or D (540NR). The disaster loss deduction is transferred from CACO Screen. An amount entered in these fields overrides the capital loss and disaster loss on Form 3805V, Part 2.
Use these fields to force an amount different than the calculated amount for California AMT NOL Worksheet, line 5.
Use these fields to force an amount different than the calculated amount for California AMT NOL Worksheet, line 2.
Use these fields to force the calculated NOL carryover. An amount entered in these fields overrides the NOL carryover deduction transferred from Schedule CA (540) or CA (540NR) to Form 3805V, Part 2.
Enter an amount for the adjustment to itemized deductions in the calculation of Modified Taxable Income for Form 3805-V, Part II.
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