Montana Form Nol Instructions - Montana Net Operating Loss (Nol) And Federal Nol - 2013 Page 4
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5Line 20 – Refi gured Mortgage Insurance Premiums
Line 38 – Complete the Itemized Deduction Limitation
Worksheet on Page 5 of these instructions if line 22,
If line 13 on Schedule B is more than $100,000, complete
Schedule B is more than:
the Mortgage Insurance Premiums Deduction Worksheet.
• $132,950 for 2001 ($66,475 if married fi ling separately)
If line 13 is $100,000 or less, you do not need to complete
• $137,300 for 2002 ($68,650 if married fi ling separately)
the worksheet. Instead, enter the amount from line 19 on
• $139,500 for 2003 ($69,750 if married fi ling separately)
line 20 and enter $0 on line 21.
• $142,700 for 2004 ($71,350 if married fi ling separately)
Mortgage Insurance Premiums
• $145,950 for 2005 ($72,975 if married fi ling separately)
Deduction Worksheet - Line 20
• $150,500 for 2006 ($75,250 if married fi ling separately)
1. Enter the total premiums you paid for qualifi ed mortgage
• $156,400 for 2007 ($78,200 if married fi ling separately)
insurance for a contract issued after December 31,
• $159,950 for 2008 ($79,975 if married fi ling separately)
2006..............................................................................1.
• $166,800 for 2009 ($83,400 if married fi ling separately)
2. Enter the amount from Form NOL, Schedule B, line
Schedule C
13..................................................................................2.
3. Enter $100,000 .............................................................3.
Use Schedule C, NOL Carryover Summary, to summarize
4. Is the amount on line 2 more than the amount on line 3?
your NOL absorption. Begin with the fi rst row at the top of
Schedule C and complete a new row for each year your
No. Your deduction is not limited. Enter the amount
2013 NOL is applied towards.
from line 19 on line 20 of Form NOL, Schedule
B, and enter -0- on line 21. Do not complete
Column A - NOL Year
the rest of this worksheet.
This is the year in which your NOL occurred.
Yes. Subtract line 3 from line 2. If the result is not
a multiple of $1,000, increase it to the next
Column B - NOL Generated
multiple of $1,000. For example, increase $425
Enter the amount of your NOL as reported on 2013
to $1,000, increase $2,025 to $3,000, etc......4.
Schedule A, line 25.
5. Divide line 4 by $10,000. Enter the result as a decimal.
If the result is 1.0 or more, enter 1 ................................5.
Column C - NOL Absorbed
Enter the amount of your 2013 NOL absorbed as
6. Multiply line 1 by line 5 .................................................6.
reported on Schedule B, line 9. Also include the year the
7. Refi gured mortgage insurance premiums deduction.
corresponding amount was absorbed.
Subtract line 6 from line 1. Enter the result here and on
Form NOL, Schedule B, line 20 ....................................7.
Column D - NOL Balance
Enter the remaining balance of your NOL to be applied to
Line 26 – Refi gured Charitable Contributions. Refi gure
your next carryover period.
your charitable contributions using line 24 as your adjusted
gross income unless, for any preceding tax year:
Questions? Please call us toll free at (866) 859-2254 (in
● you entered an amount other than zero on line 23, and
Helena, 444-6900).
● you had any items of income or deductions based on
adjusted gross income that are listed in the instructions
for line 6 of Schedule B above.
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