Fillable Form Nol - Nebraska Net Operating Loss Worksheet printable pdf download

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Nebraska Net Operating Loss Worksheet

FORM

NOL

to Compute Loss Incurred During Tax Years 1988 and After

Taxable year of Net Operating Loss beginning ________ _____, _____ and ending ____________, _____

Worksheet

Names on Form 1040N

Your Social Security Number

Spouse’s Social Security Number

Enter your federal net operating loss for this year. If you do not have a federal net operating

loss,

STOP here and see the instructions .........................................................................................................................

1 Federal adjusted gross income (AGI) (line 5, Form 1040N) Do not complete this worksheet if you do not

have a federal net operating loss for this year ................................................................................................. 1

2 Adjustments increasing federal AGI (see instructions) ..............................................

3 Adjustments decreasing federal AGI (see instructions) .............................................

4 Federal AGI after Nebraska adjustments (line 1 plus line 2, minus line 3) ............................................................ 4

5 a Nebraska exemption deduction (line 6, Form 1040N) (1988-1992 only) ................ 5a

b Nebraska standard deduction or Nebraska itemized deductions ........................... 5b

Total Nebraska deductions (total of lines 5a and 5b) ............................................................................................. 5

6 AGI after Nebraska adjustments minus total Nebraska deductions (line 4 minus line 5). (Note: If line 6 is

zero or greater, do not complete the rest of this worksheet. You do not have a Nebraska net operating loss) ...... 6

Adjustments

7 Nebraska exemption deduction from line 5a above (1988-1992 only) ................................................................... 7

8 Nonbusiness capital losses before limitation (see Schedule A,

Federal Form 1045). Enter the loss amount as a positive number ...........................

9 Nonbusiness capital gains (see Schedule A, Federal Form 1045) ............................

10 If the amount on line 8 is more than the amount on line 9, enter the difference;

otherwise, enter -0- ................................................................................................... 10

11 If the amount on line 9 is more than the amount on line 8, enter the difference;

otherwise, enter -0- ................................................................................................... 11

12 Nonbusiness deductions or Nebraska standard deduction (see instructions) ........... 12

13 Nonbusiness income excluding capital gains (see Schedule A,

Federal Form 1045) ................................................................................................. 13

14 Total of lines 11 and 13 .............................................................................................. 14

15 If the amount on line 12 is more than the amount on line 14, enter the difference; otherwise, enter -0- .............. 15

16 If the amount on line 14 is more than the amount on line 12, enter the difference;

otherwise, enter -0-. Do not enter an amount more than line 11 ................................ 16

17 Business capital losses before limitation (without regard to any IRC § 1202

exclusion) (see Schedule A, Federal Form 1045). Enter the loss as a positive number .. 17

18 Business capital gains (see Schedule A, Federal Form 1045) .................................. 18

19 Total of lines 16 and 18 .............................................................................................. 19

20 If the amount on line 17 is more than the amount on line 19, enter the difference;

otherwise, enter -0- ................................................................................................... 20

• See special instructions for tax years 1988 through 1996.

21 Total capital gains (add lines 10 and 20)................................................................... 21

22 Enter the loss, if any, from line 16 of Schedule D, Federal Form 1040. (Estates

and trusts, enter the loss, if any, from line 19, column (3), of Schedule D,

Federal Form 1041). Enter the loss as a positive number. If you do not have a loss

on that line (and do not have an IRC § 1202 exclusion), skip lines 22 through 26

and enter the amount from line 21 on line 27 ............................................................ 22

23 IRC § 1202 exclusion. Enter the exclusion amount as a positive number .................. 23

24 Subtract line 23 from line 22. If the result is zero or less, enter -0- ............................. 24

25 Enter the loss from line 21 of Sch. D, Form 1040. (Estates and trusts, enter the loss

from line 20 of Schedule D, Form 1041). Enter the loss amount as a positive number . 25

26 Subtract line 25 from line 24. If the result is zero or less, enter -0-. ............................ 26

27 Subtract line 26 from line 21. If the result is zero or less, enter -0-. ....................................................................... 27

28 Domestic production activities deduction (line 35, Federal Form 1040) ................................................................ 28

29 Net operating loss deduction for losses from other years.

Enter the total amount as a positive number ......................................................................................................... 29

30 Add lines 7, 15, and 27 through 29 ........................................................................................................................ 30

31 Nebraska net operating loss (combine lines 6 and 30). Note: If the combined amount is zero or greater,

you do not have a Nebraska net operating loss .................................................................................................... 31

Attach this page to your original Form 1040N or to Amended Nebraska Individual Income Tax Return, Form 1040XN.

Nonresidents and partial-year residents — Also complete and attach Schedule I.

8-451-1988 Rev. 11-2016

Supersedes 8-451-1988 Rev. 12-2015