Fillable Form Nol - Nebraska Net Operating Loss Worksheet (Page 2 of 3) in pdf

FORM

Nebraska Schedule I —

NOL

Nebraska NOL Computation for Nonresidents or Partial-Year Residents

Worksheet

32 Income derived from Nebraska sources, including Nebraska income from wages, interest, and

dividends, business, farming, partnerships, limited liability companies, S corporations, estates and

trusts, gain or loss, rents and royalties, any bonus depreciation add-back and enhanced

IRC § 179 add-back for tax years before 2006, and any other Nebraska source income ................... 32

33 Adjustments as applied to Nebraska income, if any ............................................................................ 33

34 Nebraska income after adjustments (line 32 plus or minus line 33) .................................................... 34

35 Enter the amount from line 31 ............................................................................................................. 35

36 Enter the amount from line 34 or line 35, whichever is smaller. This is your Nebraska net

operating loss. Note: If line 36 is zero or greater, you do not have a Nebraska net operating loss ..... 36

Instructions

Use this worksheet to compute your Nebraska net operating loss (NOL) for tax years 1988 and later that are available for

carryback or carryforward. If you do not have a federal net operating loss, you do not have a Nebraska net operating loss

under Nebraska law and should not complete this form. See

Neb. Rev. Stat. §

77-2716(2). This worksheet must be attached

to the Amended Nebraska Individual Income Tax Return, Form 1040XN, on which an individual claims a carryback of a

NOL incurred during tax years 1988 and later.

It must also be attached to the Nebraska Individual Income Tax Return, Form 1040N, on which a deduction is claimed for a

carryforward of a net operating loss. For tax years 1991 through 1996, special instructions are provided below for lines 22

and 25.

For more information, see

IRS Regulation

1.172-3,

IRS Publication 536, Net Operating

Losses, and the

Nebraska Individual

Net Operating Losses Information

Guide.

Line Instructions

Lines 2 and 3. Entries made on lines 2 or 3 that increase or decrease federal adjusted gross income (AGI) may require

adjustments on other lines. The adjustments are limited to those reported on your original return.

Example. If an entry is made on line 3 to decrease federal AGI by the amount of interest received on U.S.

government obligations, line 13 must also be reduced by the same amount.

Line 5a. Enter the Nebraska exemption deduction for tax years 1988 through 1992. Beginning in 1993, this deduction was

replaced with a credit amount. For tax year 1993 and subsequent years, enter -0- on line 5a.

Line 5b. If you claimed the Nebraska standard deduction, enter the Nebraska standard deduction amount from Form 1040N.

If you claimed Nebraska itemized deductions, enter the Nebraska itemized deductions from Form 1040N.

Line 12. If you itemized deductions on your federal return, enter the nonbusiness deductions (from Schedule A, Federal

Form 1045), minus state and local income taxes claimed as a deduction. If the result is less than the amount of the Nebraska

standard deduction to which you would have been entitled, enter the Nebraska standard deduction for your federal

filing status.

If you did not itemize deductions on your federal return, enter the Nebraska standard deduction from Form 1040N.

Line 29. Enter the total amount of prior year losses as a positive amount.

Line Instructions for Tax Year 1991

Line 22. Enter the loss, if any, from line 17 of Schedule D, Federal Form 1040. Estates and trusts, enter the loss, if any,

from line 17, column (c), of Schedule D, Federal Form 1041. Enter the loss amount as a positive number. If you do not have

a loss on that line, skip lines 22 through 26 and enter the amount from line 21 on line 27.

Line 25. Enter the loss from line 18 of Schedule D, Form 1040. Estates and trusts, enter the loss from line 18 of Schedule D,

Form 1041. Enter the loss amount as a positive number.

Line Instructions for Tax Year 1992

Line 22. Enter the loss, if any, from line 19 of Schedule D, Federal Form 1040. Estates and trusts, enter the loss, if any,

from line 17, column (c), of Schedule D, Federal Form 1041. Enter the loss amount as a positive number. If you do not have

a loss on that line, skip lines 22 through 26 and enter the amount from line 21 on line 27.

Line 25. Enter the loss from line 20 of Schedule D, Federal Form 1040. Estates and trusts, enter the loss from line 18 of

Schedule D, Federal Form 1041. Enter the loss amount as a positive number.

Form Nol - Nebraska Net Operating Loss Worksheet Page 2

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