Form NOL Montana Net Operating Loss for Year 2006
Page 2
Itemized Deductions Limitation Worksheet
Enter applicable carryover year (Example: 2004)
1. Add the amounts from Form NOL, Schedule B,
lines 16, 22, 27 and 32 and from Form 2:
• Medical and long term care insurance
premiums,
• Federal taxes, real estate, motor vehicle,
other taxes,
• Home mortgage and investment interest,
• Child and Dependent Care Expense, Form
2441-M
• Gambling losses.
2. Add the amounts from Form NOL, Schedule B,
lines 16 and 27; and from Form 2:
• Medical and long term care insurance
premiums,
• Federal income taxes,
• Investment interest,
• Child and Dependent Care Expense, Form
2441-M,
• Gambling losses.
3. Subtract line 2 from line 1 and enter the result. If
the result is zero or less, stop here; combine the
amounts from Form NOL, Schedule B, lines 17,
23, 28 and 33, and enter the result on line 34 and
on line 6 of Form NOL, Schedule B.
4. Multiply line 3 by 80% (.80) and enter the result.
5. Enter the amount from Form NOL, Schedule B,
line 19.
6. Enter the applicable amount:
• $128,950 for 2000
($64,475 if married filing separately).
• $132,950 for 2001
($66,475 if married filing separately).
• $137,300 for 2002
($68,650 if married filing separately).
• $139,500 for 2003
($69,750 if married filing separately).
• $142,700 for 2004
($71,350 if married filing separately).
• $150,500 for 2005
($75,250 if married filing separately).
7. Subtract line 6 from line 5 and enter the result.
8. Multiply line 7 by 3% (.03) and enter the result.
9. Enter the smaller of line 4 or line 8.
10. Subtract line 9 from line 1 and enter the result.
11. Enter the total of itemized deductions from Form
2 as originally computed.
12. Subtract line 10 from line 11. Enter the
difference here and on line 6 of Form NOL.