Instructions For Shedule It-40nol And Nol - Carryback/carryforward Shedule Template Page 3
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5Line 9 – Enter the recovery of itemized
you will use all of the available NOL as a
deductions, including any state tax refund,
deduction. Subtract line 19 from line 18 and
from the intervening year’s IT-40 or IT-
enter the difference here. Skip line 21 and
40PNR.
complete line 22.
Line 10 – Enter the Social Security and/
Line 21 – If the line 19 NOL available
or benefits issued by the U.S. Railroad
for deduction is greater than the line 18
Retirement Board deducted on the
intervening year’s Indiana agi, then you
intervening year’s IT-40 or IT-40PNR.
will be able to offset the entire intervening
year’s Indiana agi and have a reduced NOL
Line 11 – Enter the non-Indiana locality
available to carry to other years. Subtract line
earnings deduction from the intervening
18 from line 19 and enter the difference here
year’s IT-40 or IT-40PNR.
and on line 19 in the next column.
Line 12 – Enter the human services
Line 22 – Enter the smaller of the amount on
deduction from the intervening year’s IT-40
line 18 or line 19. This is your Indiana NOL
or IT-40PNR.
deduction. If carrying back your loss, enter
this amount on Form IT-40X, line 1, Column
Line 13 – Enter the Indiana partnership long
B. If carrying your loss forward, enter this
term care policy premiums deduction from
amount on IT-40 Schedule 1 (Schedule 2 for
the intervening year’s IT-40 or IT-40PNR.
the 2009 tax year and beyond), under line 11,
or IT-40PNR Schedule B (Schedule C for the
Line 14 – Enter the qualified patent
2009 tax year and beyond), under line 11.
exemption deduction from the intervening
year’s IT-40 or IT-40PNR.
Line 15 – Enter the National Guard and
reserve component member’s deduction
from the intervening year’s IT-40 or IT-
40PNR.
Line 16 – Enter the total amount of
exemptions claimed on the intervening year’s
IT-40 or IT-40PNR.
Line 17 – Add the amounts on lines 7
through 16 and enter the total here.
Line 18 – Subtract line 17 from line 6 (if less
than zero, enter zero). This is the intervening
year’s Indiana agi.
Line 19 – NOL available for deduction. Enter
as a positive amount.
If this is the fi rst time the NOL from
Schedule IT-40NOL, line 14 is being
used, then enter that amount here.
If you have already used the NOL from
Schedule IT-40NOL, line 14 to offset
income, then enter here the remaining
available loss (from line 21 of the
Carryback/Carryforward Worksheet 1
or 2). See line 21 instructions.
Complete line 20 OR line 21 based on the
following:
If line 18 is greater than line 19, complete
line 20.
If line 19 is greater than line 18, complete
line 21.
Line 20 – If the line 18 intervening year’s
Indiana agi is greater than or equal to the
line 19 NOL available for deduction, then
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