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Table 1. Worksheet for NOL Carryover From 2011 to 2012 (For an NOL Year Before 2011)*

For Use by Individuals, Estates, and Trusts (Keep for your records.)

See the instructions under NOL Carryover From 2011 to 2012.

NOL YEAR:

USE YOUR 2011 FORM 1040, FORM 1040NR (OR FORM 1041) TO COMPLETE THIS WORKSHEET:

Enter as a positive number your NOL deduction for the NOL year entered above from line 21 (Form

1040 or Form 1040NR) or Line 15a (Form 1041)

Enter your taxable income without the NOL deduction for 2011 (see instructions)

Enter as a positive number any net capital loss deduction

Enter as a postive number any gain excluded on the sale or exchange of quali ed small business stock

Enter the amount of any domestic production activities deduction

Enter any adjustments to your adjusted gross income (see instructions)

Enter any adjustments to your itemized deductions from line 33 below (see instructions)

Enter your deduction for exemptions from line 42 (Form 1040), line 40 (Form 1040NR), or line 20

(Form 1041)

Modiﬁed taxable income. Combine lines 2 through 8. Enter the result (but not less than zero)

NOL carryover to 2012. Subtract line 9 from line 1. Enter the result (but not less than zero) here and

10.

on the “other income” line of Form 1040 or Form 1040NR (or the line on Form 1041 for deductions

NOT subject to the 2% oor) in 2012

ADJUSTMENTS TO ITEMIZED DEDUCTIONS (INDIVIDUALS ONLY):

Enter your adjusted gross income without the NOL deduction for the NOL year entered above or later

11.

years. (see instructions)

Combine lines 3, 4, 5, and 6 above

12.

Modiﬁed adjusted gross income. Combine lines 11 and 12 above

13.

ADJUSTMENT TO MEDICAL EXPENSES:

Enter your medical expenses from Schedule A (Form 1040), line 4

14.

Enter your medical expenses from Schedule A (Form 1040), line 1

15.

Multiply line 13 above by 7.5% (.075)

16.

Subtract line 16 from line 15. Enter the result (but not less than zero)

17.

Subtract line 17 from line 14

18.

ADJUSTMENT TO MORTGAGE INSURANCE PREMIUMS:

Enter your mortgage insurance premiums deduction from Schedule A (Form 1040), line 13

19.

Re gure your mortgage insurance premiums deduction using line 13 above as your adjusted gross

20.

income (see instructions)

Subtract line 20 from line 19

21.

ADJUSTMENT TO CHARITABLE CONTRIBUTIONS:

Enter your charitable contributions deduction from Schedule A (Form 1040), line 19, or Schedule A

22.

(Form 1040NR), line 5

Re gure your charitable contributions deduction using line 13 above as your adjusted gross income.

23.

(see instructions)

Subtract line 23 from line 22

24.

ADJUSTMENT TO CASUALTY AND THEFT LOSSES:

Enter your casualty and theft losses from Form 4684, line 18

25.

Multiply line 13 above by 10% (.10)

26.

Subtract line 26 from line 25. Enter the result (but not less than zero)

27.

ADJUSTMENT TO MISCELLANEOUS DEDUCTIONS:

Enter your miscellaneous deductions from Schedule A (Form 1040), line 27, or Schedule A (Form 1040NR), line 13

28.

Enter your miscellaneous deductions from Schedule A (Form 1040), line 24, or Schedule A (Form 1040NR), line 10

29.

Multiply line 13 above by 2% (.02)

30.

Subtract line 30 from line 29. Enter the result (but not less than zero)

31.

Subtract line 31 from line 28.

32.

TENTATIVE TOTAL ADJUSTMENT:

Combine lines 18, 21, 24, 27, and 32, and enter the result here

33.

*Note: If you choose to waive the carryback period, and instead you choose to only carry your 2011 NOL forward, use Schedule A, Form 1045

to compute your 2011 NOL that will be carried over to 2012. Report your 2011 NOL from line 25, Schedule A, Form 1045, on the “other

income” line of your 2012 Form 1040 or Form 1040NR, or the line on Form 1041 for deductions NOT subject to the 2% ﬂoor in 2012.

Publication 536 (2011)

Page 16

Publication 536 - Net Operating Losses (Nols) For Individuals, Estates, And Trusts - 2011 Page 16

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