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Screen ILNOL - Illinois Net Loss Deduction (1120)
Net Loss Deduction
Use these fields to calculate the net operating loss deduction for QSSS
Enter
X
to use the consolidated corporation’s net operating loss information entered in this section to calculate Schedule NLD. Leave this field blank to calculate the Schedule NLD using the combined amounts from all subsidiaries.Reported Net Loss Enter loss as negative
Enter reported Illinois net losses as negative amounts in the respective row of the preceding tax year. Negative amounts return to Schedule NLD or Schedule UB/NLD.
Prior Year Net Loss Utilized
Use the statements in this column to complete Schedule NLD, Step 1 or Schedule UB/NLD, Step 2. Enter the carry year and the net loss amount previously used.
Company FEIN Originating Loss / Reason
Complete the fields in the
Company FEIN Originating Loss
and Reason
columns only if the reported Illinois net loss originated from a company other than the 1 filing this return. Information entered in these fields is used to complete Schedule NLD, Step 2.Date Loss Acquired
For an S Corporation filing Schedule NLD, enter the fiscal year end dates in these fields. C Corporations may leave these fields blank, and the Schedule NLD reflects the dates on the federal NOL Worksheet. If the dates on the federal NOL Worksheet need to be modified, enter a different date in the appropriate field, and the application forces the particular dates.