Schedule It-40nol Template - Individual Income Tax Net Operating Loss Computation

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Schedule
Indiana Department of Revenue
Attachment Se-
Individual Income Tax
IT-40NOL
quence No. 09
State Form 46004
Net Operating Loss Computation
R5 / 8-06
(See instructions on the back of this schedule)
Your Name
Your Social Security Number
Part 1 - Election of Intent to Carry Net Operating Loss (NOL)
A
B
• Has a federal election to forgo the carryback period been made for the tax year entered in Part II?
Yes
No
C
• If an Indiana NOL is computed and there is no attending federal NOL, check this
Election to Waive Carryback
box to relinquish the two, three or fi ve year NOL carryback provision for Indiana
of the Indiana Net Operating
income tax purposes (see instructions).
Loss Deduction
Part 2 - Computation of Indiana Net Operating Loss
Loss Year __________
D
1. Enter as a negative amount your federal net operating loss as calculated on federal Form 1045,
Schedule A line 25 (see instructions). Note: If the amount on Form 1045, Schedule A
line 25 is positive or zero, or if you are a full-year or part-year nonresident, see instructions ..............
1
Enter the following modifi cations from your loss year IT-40 (IT-40PNR fi lers see instructions):
2. The amount equal to any deduction for taxes based on or measured by
income and levied at any state level ........................................................
2
3. Income taxed on federal Form 4972 ........................................................
3
4. Bonus depreciation, Sec. 179 add-back(see instructions) .......................
4
5. Add lines 2, 3, and 4 and enter total here .............................................................................................
5
6. Add lines 1 and 5 and enter total here ..................................................................................................
6
Enter the following modifi cations from your loss year IT-40, Schedule 1, or IT-40PNR, Schedule D:
7. Non-Indiana locality earnings deduction ..................................................
7
8. State tax refund and/or recovered itemized deductions ..........................
8
9. Interest from U.S. government obligations ...............................................
9
10. Social security and/or railroad retirement benefi ts ................................... 10
11. Add lines 7, 8, 9 and 10 and enter total here ........................................................................................
11
12. Indiana Net Operating Loss available to be carried back/forward: subtract line 11 from line 6 and
enter total here (if the amount is zero or greater, you do not have an Indiana NOL.) Carry this
amount to the IT-40NOL Carryover Worksheet, line 17, in the appropriate column .............................
12
Part 3 - Record of Indiana NOL Application
(1)
(2)
(3)
(4)
(5)
Indiana AGI available to be offset:
Indiana NOL available for deduc-
Enter the amount from either line
Indiana NOL deduction: Enter
from the Carryback/Carryforward
tion: from the Carryback/Carry-
18 or line 19 of the Carryback/
the amount from line 20 of the
Worksheet 1 or 2, line 16
forward Worksheet 1 or 2, line 17
Carryforward Worksheet 1 or 2
Carryback/Carryforward
Carried to the
(enter as positive amount)
(whichever line has an entry)
Worksheet 1 or 2
preceding:
E
5th Year: _________
F
4th Year: _________
G
3rd Year: _________
H
2nd Year: _________
I
1st Year: _________
Carried to the following:
J
1st Year: _________
K
2nd Year: _________
L
3rd Year: _________
M
4th Year: _________
N
5th Year: _________
O
*
6th Year: _________
*See Carryback and carryforward years in the instructions. Attach additional sheets if necessary.

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