Montana Form Nol Instructions - Montana Net Operating Loss (Nol) And Federal Nol - 2015 Page 4
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5Line 20 – Refigured Mortgage Insurance Premiums
● you had any items of income or deductions based on
adjusted gross income that are listed in the instructions
If line 13 on Schedule B is more than $100,000, complete
for line 6 of Schedule B above.
the Mortgage Insurance Premiums Deduction Worksheet.
If line 13 is $100,000 or less, you do not need to complete
Line 38 – Complete the Itemized Deduction Limitation
the worksheet. Instead, enter the amount from line 19 on
Worksheet on Page 5 of these instructions if line 22,
line 20 and enter $0 on line 21.
Schedule B is more than:
• $145,950 for 2005 ($72,975 if married filing separately)
Mortgage Insurance Premiums
• $150,500 for 2006 ($75,250 if married filing separately)
Deduction Worksheet - Line 20
• $156,400 for 2007 ($78,200 if married filing separately)
1. Enter the total premiums you paid for qualified mortgage
• $159,950 for 2008 ($79,975 if married filing separately)
insurance for a contract issued after December 31,
• $166,800 for 2009 ($83,400 if married filing separately)
2006..............................................................................1.
• $300,000 for 2013 ($150,000 if married filing separately)
2. Enter the amount from Form NOL, Schedule B, line
• $305,050 for 2014 ($152,525 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
2015 NOL is applied toward.
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 2015
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.
6. Multiply line 1 by line 5 .................................................6.
Column C - NOL Absorbed
7. Refigured mortgage insurance premiums deduction.
Enter the amount of your 2015 NOL absorbed as
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
gross income unless, for any preceding tax year:
your next carryover period.
● you entered an amount other than zero on line 23, and
Questions? Call us toll free at (866) 859-2254 (in Helena,
444-6900).
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