Form Nol - Net Operating Loss Worksheet
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MONTANA
NET OPERATING LOSS WORKSHEET
Loss Year______
Form NOL
Rev. 8/97
Attach NOL worksheets to all tax returns affected by NOL
Form NOL, page 1, is used to compute a net operating loss only for the year(s) you incur a loss. Do not complete page 1 for carryover
or carry back years. Page 2 should be completed to record the amount of carryover or carryback absorbed each year and the remaining
balance available to carry. Page 3 is used to compute the modified income for each carryover or carryback year which determines the
amount of net operating loss absorbed each year.
Name______________________________________________Social Security Number__________________________
I.
STATE ADDITIONS & SUBTRACTIONS
1. Federal adjusted gross income ................................................1
2. Interest received on non-Montana bonds..................................2
3. Federal refunds received..............................................................3
4. Add lines 1, 2, and 3......................................................................................................................4
.
5. Itemized deductions......................................................................................................................5
6. Enter the reductions of wages under the targeted jobs credit...............................................6
7a. Net non-Montana income (Only years prior to 1992. Nonresident & part year resident only)..........7a
7b. Net non-Montana losses (Only years prior to 1992. Nonresident & part year resident only)...........7b
8. Add lines 4, 5, 6, and 7a or 7b. (Montana NOL before adjustments.)...............................8
II.
NONBUSINESS DEDUCTIONS IN EXCESS OF NONBUSINESS INCOME
9.
Enter your nonbusiness capital losses..................................9
10.
Enter your nonbusiness capital gains ................................10
11.
If the amount on line 9 is larger than the amount on line
10, enter the difference; otherwise, enter zero......................11
12.
If the amount on line 10 is larger than the amount on line
9, enter the difference; otherwise, enter zero.......................12
13.
Enter your nonbusiness deductions (Itemized deductions,
IRA, etc.)....................................................................................13
(Federal income taxes must be prorated between taxable
business income and taxable nonbusiness income. If you
have no business income, federal income taxes are fully
attributable to nonbusiness income)
14.
Enter your nonbusiness income (other than capital gains).............14
(Include amounts shown on lines 2 and 3)
15.
Add lines 12 and 14...............................................................................15
16.
If line 13 is more than line 15, enter the difference; otherwise enter zero........................................16
III.
ADJUSTMENT FOR CAPITAL LOSS LIMITATION
17. If line 15 is more than line 13, enter the difference (but not
more than line 12); otherwise, enter zero............................................17
18. Enter your business capital losses .......................................................18
19. Enter your business capital gains.......................................................19
20. Add lines 17 and 19...............................................................................20
21. If line 18 is more than line 20, enter the difference; otherwise
enter zero..................................................................................................21
22. Add lines 11 and 21, but no more than your capital loss limitation...................................................... 22
23. Enter any Net Operating Losses from other years included in Federal adjusted
gross income on line 1. (Enter as a positive number..........................................................................23
24. Add lines 16, 22 and 23................................................................................................................................ 24
25. Add lines 8 and 24. This is your MONTANA NET OPERATING LOSS............................................. 25
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