Montana Form Nol - Montana Net Operating Loss - 2005 Page 2
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5Form NOL Montana Net Operating Loss for Year 2005
Page 2
Itemized Deductions Limitation Worksheet
Enter applicable carryover year (Example: 2004)
1.
Add the amounts from Form NOL, Schedule B,
lines 16, 22, 27 and 32 and from Form 2A:
• Medical and long term care insurance
premiums,
• Federal taxes, real estate, motor vehicle,
other taxes,
• Home mortgage and investment interest,
• Child and Dependent Care Expense, Form
2441-M
• Gambling losses.
2.
Add the amounts from Form NOL, Schedule B,
lines 16 and 27; and from Form 2A:
• Medical and long term care insurance
premiums,
• Federal income taxes,
• Investment interest,
• Child and Dependent Care Expense, Form
2441-M,
• Gambling losses.
3.
Subtract line 2 from line 1 and enter the result.
If the result is zero or less, stop here; combine
the amounts from Form NOL, Schedule B, lines
17, 23, 28 and 33, and enter the result on line 34
and on line 6 of Form NOL, Schedule B.
4.
Multiply line 3 by 80% (.80) and enter the result.
5.
Enter the amount from Form NOL, Schedule B,
line 19.
6.
Enter the applicable amount:
• $126,600 for 1999
($63,300 if married filing separately).
• $128,950 for 2000
($64,475 if married filing separately).
• $132,950 for 2001
($66,475 if married filing separately).
• $137,300 for 2002
($68,650 if married filing separately).
• $139,500 for 2003
($69,750 if married filing separately).
• $142,700 for 2004
($71,350 if married filing separately).
7.
Subtract line 6 from line 5 and enter the result.
8.
Multiply line 7 by 3% (.03) and enter the result.
9.
Enter the smaller of line 4 or line 8.
10. Subtract line 9 from line 1 and enter the result.
11. Enter the total of itemized deductions from Form
2A as originally computed.
12. Subtract line 10 from line 11. Enter the
difference here and on line 6 of Form NOL.
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