Instructions For Shedule It-40nol And Nol - Carryback/carryforward Shedule Template (Page 2 of 5) in pdf

U.S. government obligations, Social Security

Example: Modify Column A, ‘1st’ following

F u l l - y e a r a n d p a r t - y e a r I n d i a n a

and beneﬁ ts issued by the U.S. Railroad

year, to read ‘7th’ following year.

nonresidents

Apply like kind modiﬁ cations (as computed

Retirement Board, qualiﬁ ed patent income

under IRC Section 172) derived from Indiana

exemption and National Guard and reserve

Before you begin

sources to the amount from line 1 of Form

component member’s deduction.

You must have a completed state tax return

IT-40PNR, and enter the result here.

(not including the Indiana NOL deduction) for

Line 13 – Subtract line 13 from line 6 and

the year(s) in which you are carrying the loss.

If the modiﬁ ed amount from line 1 of Form

enter the total here.

IT-40PNR is:

Pursuant to P.L. 81-2004, the Indiana



negative (a loss), enter that amount here

If the line 14 entry is a negative

NOL is available as a deduction to

as a negative ﬁ gure;

amount, you have an Indiana NOL.

offset Indiana adjusted gross income



zero, enter zero here; or

Enter as a positive amount in the

(agi). Complete lines 1 through 16 of



positive, enter that amount here as a

appropriate column on line 19 of the

the Carryover Worksheet to ﬁ gure the

positive ﬁ gure.

Carryback/Carryforward Worksheet

intervening year’s Indiana agi.

(see Carryback/Carryover Worksheet

line 19 instructions).

Line 1 – Enter the amount from line 1 of the

L i n e s 2 a n d 3 – C e r t a i n I n d i a n a



If the line 14 entry is a positive amount,

IT-40 or IT-40PNR. Note: If reporting from the

modiﬁ cations as reported on the loss year

you do not have an Indiana NOL.

IT-40PNR, skip lines 2 through 5 and enter

IT-40 should be reﬂ ected on these lines.

this amount on line 6.

Important: Full-year and part-year Indiana

Part 3 – Record of Indiana NOL

nonresidents who ﬁ le Form IT-40PNR should

Line 2 – Enter the taxes based on or

Application

skip lines 2 through 5 and enter the amount

measured by income and levied at any state

from line 1 on line 6.

level reported on the intervening year’s IT-40.

Column 1 – List the year(s) to which you are

carrying the loss.

Line 4 – An exception must be made for the

Line 3 – Enter (as a positive amount) the net

bonus depreciation deduction for property

operating loss reported on the intervening

Column 2 – Enter the amount of Indiana

placed in service after September 11, 2001.

year’s IT-40, line 3, or from line 2 of Schedule

AGI available to be offset from line 18 of the

Figure the net income (or loss) which would

1 for the 2009 tax year and beyond.

completed Carryback/Carryover Worksheet

have been included in federal adjusted

1 or 2.

gross income had the additional ﬁ rst year

Line 4 – Enter the income taxed on Form

deduction allowed under Section 168(k) of

4972 reported on the intervening year’s

Column 3 – Enter as a positive amount the

the Internal Revenue Code not been used.

IT-40.

Indiana NOL available for deduction from line

Enter the difference, which may be a positive

19 of the completed Carryback/Carryover

or negative amount (enter the negative

Line 5 – For tax year 2002 and beyond, enter

Worksheet 1 or 2.

amount in (brackets)).

the bonus depreciation add-back reported

on the intervening year’s IT-40. For tax

Column 4 – Enter the amount from either

For tax years 2003 and beyond, add-back

year 2003 and beyond, enter the Section

line 20 or line 21 of the Carryback/Carryover

your share of the total IRC Section 179

179 add-back reported on the intervening

Worksheet 1 or 2 (only one of those lines will

deduction claimed for federal tax purposes

year’s IT-40. For tax year 2005 and beyond,

have an entry).

that exceeds the $25,000 ceiling allowed (per

enter the domestic production activities

entity) for state tax purposes.

add-back reported on the intervening year’s

Column 5 – Enter the amount from line

IT-40. For tax years 2009 and beyond, enter

22 of the completed Carryback/Carryover

For tax years 2005 and beyond, add-back

any required add-backs from Schedule A

Worksheet 1 or 2. This is your Indiana

your share of domestic production activities

of your Form IT-40 (Schedule B of your

NOL deduction. If carrying back your loss,

deduction included in your federal adjusted

Form IT-40PNR) not already added-back.

enter on Form IT-40X, line 1, Column B. If

gross income.

This will include reported add-backs from

carrying your loss forward, enter on IT-40

unemployment compensation;

deferral

Schedule 1 (Schedule 2 for the 2009 tax

For tax years 2009 and beyond, enter

of business indebtedness discharge and

year and beyond), under line 11, or IT-40PNR

any required add-backs from Schedule A

reacquisition; qualiﬁ ed restaurant property;

Schedule B (Schedule C for the 2009 tax

of your Form IT-40 (Schedule B of your

qualified retail improvement property;

year and beyond), under line 11.

Form IT-40PNR) not already added-back.

qualified disaster assistance property;

This will include reported add-backs from

qualiﬁ ed reﬁ nery property; qualiﬁ ed ﬁ lm or

Schedule IT-40NOL Carry-back/Carry-

unemployment compensation;

deferral

television production; and qualiﬁ ed preferred

over Worksheet 1 and 2 Instructions

of business indebtedness discharge and

stock.

reacquisition; qualiﬁ ed restaurant property;

A Carryback and/or Carryover Worksheet

qualified retail improvement property;

Line 6 – Add lines 1 through 6 and enter the

must be completed for each loss year.

qualified disaster assistance property;

result here.

qualiﬁ ed reﬁ nery property; qualiﬁ ed ﬁ lm or

Use Carryback Worksheet 1 if you are

television production; and qualiﬁ ed preferred

Line 7 – Enter the interest on U.S. government

carrying your loss back.

stock.

obligations from the intervening year’s IT-40

or IT-40PNR.

Use Carryforward Worksheet 2 if you are

Lines 7 through line 12 – Enter the following

carrying your loss forward. Note: If you are

deductions claimed on your loss year return’s

Line 8 – Enter the homeowner’s residential

carrying your loss forward more than six

Schedule 2 (IT-40) or Schedule C (IT-

property tax deduction from the intervening

years, modify the top of the column to show

40PNR): any non-Indiana locality earnings

year’s IT-40 or IT-40PNR.

to which year it is being carried.

deduction, state tax refund &/or other

recovered itemized deductions, interest from

Instructions For Shedule It-40nol And Nol - Carryback/carryforward Shedule Template Page 2

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