Form 511nol Draft - Oklahoma Net Operating Loss Full-Year Residents Only - 2016 Page 3
ADVERTISEMENT
1
2
3Draft
Supplement to Form 511
Barcode
8/3/16
Placeholder
Oklahoma Net Operating Loss Full-Year Residents Only
Page 3
511nol
Taxpayer Social Security Number
Revised
Taxpayer’s first name and initial
Last name
2016
Schedule B
Intervening Year _____________ NOL Year _____________
The amount of the NOL absorbed in each intervening year will be the amount of the modified taxable income. The modified taxable
income will be calculated using this worksheet. A separate NOL Schedule B must be used for each year.
I.
Net Operating Loss Deduction. Enter here as a positive
number the net operating loss from NOL Schedule A, line 26.
In succeeding year, enter amount from line III of previous
year’s NOL Schedule B ..........................................................
I.
To compute modified taxable income:
A.
To compute Oklahoma Adjusted Gross Income
For the Intervening Year
1.
Federal Adjusted Gross Income ............................
A1.
2.
Oklahoma subtraction
(from Schedule 511-A)
Be sure to exclude the NOL for the NOL year entered
A2.
........................................................
above or later years
3.
Subtract line A2 from line A1 .................................
A3.
A4.
4.
Out-of-state income ...............................................
5.
Subtract line A4 from line A3 .................................
A5.
6.
Oklahoma additions.
(from Schedule 511-B)
Be sure to include any Federal NOL Carryback/over
.................................................
A6.
included in line A1 above
7.
Adjusted Gross Income before the Oklahoma
NOL deduction for the NOL year entered above.
................................................
A7.
(Add lines A5 and A6.)
B.
Modifications: (for intervening year)
1.
Oklahoma capital losses in excess of Oklahoma
capital gains (included in the net capital loss
limitation from Federal Schedule D) ........................
(Note: Enter as a positive number) .......................
B1.
2.
Section 1202 Exclusion and domestic production
activities deduction (enter as positive number) .....
B2.
3.
Adjustments to AGI from the Federal NOL
carryover worksheet ..............................................
B3.
C.
Modified Oklahoma Adjusted Gross Income.
(line A7 plus lines B1, B2 and B3) .................................
C.
D.
Less Allowable Modified Itemized Deductions.
1.
Itemized deductions reported on the original
return less the adjustments to itemized
deductions from the Federal NOL carryover
worksheet.
OR
D1.
Oklahoma standard deduction ..............................
2.
Percent allowed. (line C divided by line A3)
%
D2.
(Limited to 100%) ..................................................
3.
Allowable deductions.
(line D1 multiplied by line D2) ...............................
D3.
(
)
E.
Adjustments to Oklahoma Adjusted Gross Income.
Example: Military Pay Exclusion, Disability Deduction, etc.
(
)
.............................................................
E.
(from Schedule 511-C)
II.
Modified taxable income. (combine lines C, D3 and E)
II.
If zero or less, enter zero .......................................................
III.
Oklahoma Net Operating Loss carryover.
III.
(line I minus line II) If zero or less, enter zero ........................
A copy of your Federal return is required for the intervening year entered above.
ADVERTISEMENT
0 votes
Related Articles
Related forms
Form 511 Nol (supplement To Form 511) - Oklahoma Net Operating Loss Full-year Residents Only
Financial
Form 511nr-nol Draft - Oklahoma Net Operating Loss(es) Nonresident/part-year Residents Only - 2016
Financial
Related Categories
Parent category: Financial