Instructions For Idaho Form 56 (Page 2 of 2) in pdf

EIN00022

Form 56 - Page 2

07-10-15

For tax years beginning on or after January 1, 2013, an

Line 5. Individuals. Enter any Idaho capital gain deduction

amended return carrying the loss back must be filed within

allowed in computing Idaho adjusted income (loss). Enter

one year of the end of the tax year of the loss that results

the amount as a positive number.

in the carryback. For example, if the loss was incurred in

2013 and you decide to carry the loss back to 2011, the

Corporations Trusts, and Estates. Don’t enter anything on

amended 2011 and possibly 2012 returns must be filed by

this line.

December 31, 2014.

Line 6. Individuals. Enter any casualty losses reported on

If the NOL is being carried forward, subtract the loss on

federal Schedule A, Itemized Deductions, provided that the

the tax return for the carryover year(s). Include Form 56

property was physically located in Idaho at the time of the

or a schedule showing the application of the loss with your

casualty. Use federal Form 4684, Section A, to compute

income tax return.

the casualty loss deductible on Schedule A. Enter the

amount as a negative number.

SPECIFIC INSTRUCTIONS

Form 43 filers will multiply the Idaho percentage from the

Line 1. Starting with the earliest tax year, enter absorption

loss year return by the amount of casualty loss reported

years and the NOL year. The absorption years will be

on the federal Schedule A for that year to determine

the carryback and carryover years to which you apply the

the amount to enter on this line. Enter the amount as a

NOL.

negative number.

Line 2. Individuals, Trusts, and Estates. Enter the Idaho

Corporations, Trusts, and Estates. Don’t enter anything on

adjusted income (loss).

this line.

● Form 40 filers:

Line 7. For your loss year computations, total the amounts

For tax years 2011 through 2015, this is line 11.

listed on lines 2 through 6. This is your Idaho net operating

● Form 43 filers:

loss. For absorption years, skip this line and go to line 8.

For tax years 2011 through 2015, this is line 31.

● Form 66 filers:

Line 8. If you had income on line 2, total the amounts listed

Enter the Idaho taxable income (loss) before the

on lines 2 through 6. Your NOL, computed on line 7, is

exemption deduction. For tax years 2011 through

reduced by the Idaho absorption income.

2015, this is line 7.

NOL Application

Corporations. Enter the Idaho taxable income (loss) from

The NOL Application section is used to show how your NOL

Form 41. For tax years 2011 through 2015, this is line 37.

is applied to the carryback and carryforward years. You

may use your own schedule if it’s more helpful to you.

Line 3. Enter any NOL carryforward/carryback from

prior years if included in the amount on line 2. Enter the

In the column below NOL Application, year to year, enter

amount as a positive number.

the tax year in which the NOL was incurred (Loss Year)

followed by the tax year to which the NOL is being carried

Line 4. Individuals, Trusts, and Estates. Enter any capital

back or carried forward (Absorption Year) in the spaces

losses in excess of capital gains included in the amount

provided. For example, if your NOL was incurred in tax year

on line 2. For example, a taxpayer reported a $4,000

2011 and you are carrying back the loss to tax year 2009,

capital gain and a $5,000 capital loss on federal Schedule

enter 2011 to 2009.

D. The capital loss deduction included in Idaho adjusted

income (loss) is $1,000. Enter the amount as a positive

Enter the amount of the NOL in the column under the tax

number.

year to which the NOL is being applied. Enter the same

amount in the loss year column.

Corporations. Don’t enter anything on this line.

In the last row, subtract the NOL applications from line 7. If

the result is zero, you have absorbed your NOL.

Instructions For Idaho Form 56 Page 2

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