Montana Form Nol Instructions - Montana Net Operating Loss (Nol) And Federal Nol - 2014 Page 4
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5Line 20 – Refigured Mortgage Insurance Premiums
Line 38 – Complete the Itemized Deduction Limitation
Worksheet on Page 5 of these instructions if line 22,
If line 13 on Schedule B is more than $100,000, complete
Schedule B is more than:
the Mortgage Insurance Premiums Deduction Worksheet.
• $132,950 for 2001 ($66,475 if married filing separately)
If line 13 is $100,000 or less, you do not need to complete
• $137,300 for 2002 ($68,650 if married filing separately)
the worksheet. Instead, enter the amount from line 19 on
• $139,500 for 2003 ($69,750 if married filing separately)
line 20 and enter $0 on line 21.
• $142,700 for 2004 ($71,350 if married filing separately)
Mortgage Insurance Premiums
• $145,950 for 2005 ($72,975 if married filing separately)
Deduction Worksheet - Line 20
• $150,500 for 2006 ($75,250 if married filing separately)
1. Enter the total premiums you paid for qualified mortgage
• $156,400 for 2007 ($78,200 if married filing separately)
insurance for a contract issued after December 31,
• $159,950 for 2008 ($79,975 if married filing separately)
2006..............................................................................1.
• $166,800 for 2009 ($83,400 if married filing separately)
2. Enter the amount from Form NOL, Schedule B, line
• $300,000 for 2013 ($150,000 if married filing separately)
13..................................................................................2.
Schedule C
3. Enter $100,000 .............................................................3.
4. Is the amount on line 2 more than the amount on line 3?
Use Schedule C, NOL Carryover Summary, to summarize
No. Your deduction is not limited. Enter the amount
q
your NOL absorption. Begin with the first row at the top of
from line 19 on line 20 of Form NOL, Schedule
Schedule C and complete a new row for each year your
B, and enter -0- on line 21. Do not complete
2014 NOL is applied towards.
the rest of this worksheet.
Column A - NOL Year
q
Yes. Subtract line 3 from line 2. If the result is not
This is the year in which your NOL occurred.
a multiple of $1,000, increase it to the next
multiple of $1,000. For example, increase $425
Column B - NOL Generated
to $1,000, increase $2,025 to $3,000, etc......4.
Enter the amount of your NOL as reported on 2014
5. Divide line 4 by $10,000. Enter the result as a decimal.
Schedule A, line 25.
If the result is 1.0 or more, enter 1 ................................5.
Column C - NOL Absorbed
6. Multiply line 1 by line 5 .................................................6.
Enter the amount of your 2014 NOL absorbed as
7. Refigured mortgage insurance premiums deduction.
Subtract line 6 from line 1. Enter the result here and on
reported on Schedule B, line 9. Also include the year the
Form NOL, Schedule B, line 20 ....................................7.
corresponding amount was absorbed.
Column D - NOL Balance
Line 26 – Refigured Charitable Contributions. Refigure
Enter the remaining balance of your NOL to be applied to
your charitable contributions using line 24 as your adjusted
your next carryover period.
gross income unless, for any preceding tax year:
● you entered an amount other than zero on line 23, and
Questions? Please call us toll free at (866) 859-2254 (in
● you had any items of income or deductions based on
Helena, 444-6900).
adjusted gross income that are listed in the instructions
for line 6 of Schedule B above.
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