Form 511 Nol - Nol Schedule A - Oklahoma Net Operating Loss Full Year Residents Page 2
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1
2Supplement to Form 511
511nol
Oklahoma Net Operating Loss
Revised 2000
Full Year Residents Only
Intervening Year ______
NOL Schedule B
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 28. In succeeding years enter
.....................................................
I.
amounts from line III below.
To compute modified taxable income:
A.
To compute Oklahoma Adjusted Gross Income
For the Intervening Year
A1.
1.
Federal Adjusted Gross Income.
..........................
2.
Oklahoma subtraction (not including the NOL
A2.
for the NOL year entered above or later years).
.................................
A3.
3.
Subtract line A2 from line A1.
A4.
4.
Out-of-state income.
...............................................
A5.
.................................
5.
Subtract line A4 from line A3.
6.
Oklahoma additions. (including any Federal NOL
A6.
..........
Carryback/over included in line A1 above)
7.
Adjusted Gross Income before the Oklahoma
NOL deduction for the NOL year entered above.
.....................................
(Add lines A5 and A6.)
A7.
B.
Modifications: (for intervening year)
1.
Oklahoma capital losses in excess of Oklahoma
Capital gains (included in the net Capital Loss
limitation from Federal Sch. D) (note: enter as a
B1.
positive number)
.....................................................
2.
Adjustments to A.G.I. from the Federal N.O.L.
B2.
..............................................
carryover worksheet.
C.
Modified Oklahoma Adjusted Gross Income.
.......................................
(line A7 plus lines B1 and B2)
C.
D.
Less Allowable Modified Itemized Deductions.
1.
Itemized deductions reported on the original
return less the adjustments to itemized
deductions from the Federal N.O.L. carryover
worksheet.
OR
Oklahoma standard deduction computed on
D1.
............................................................
line C above.
2.
Percent allowed. (line C divided by
%
D2.
......................................
line A3)(Limited to 100%)
3.
Allowable deductions. (line D1
multiplied by line D2)
.............................................
(
)
D3.
E.
Adjustments to Oklahoma Adjusted Gross Income.
(example: military pay exclusion, interest exclusion, etc.)
(
)
E.
II.
Modified taxable income. (combine lines C, D3 and E)
If zero or less, enter zero.
II.
III.
Oklahoma Net Operating Loss carryover.
......................
(line I minus line II) If zero or less, enter zero.
III.
A copy of your Federal return is required.
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