Form Mi-1045 - Application For Michigan Net Operating Loss Refund - 2002 Page 5
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MI-1045
Computation of Federal Modified Taxable
Income for Household Income (HHI) Only
PART 3 -- Adjusting Your NOL For Household Income
Column A
Column B
Column C
Step 1. Figure Your Modified Taxable Income
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41.
Enter the year that you are carrying the NOL to
42.
Reported adjusted gross income for year shown on line 41
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without NOLD
Add:
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43.
a. Adjustments to AGI (see instructions)
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b. Capital losses, in excess of capital gains ($3,000 maximum)
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44.
MODIFIED
federal adjusted gross income. Add lines 42 & 43a or 43b
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45.
a. Medical (see instructions for limitations)
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b. Taxes
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c. Contributions
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d. Interest
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e. Casualty loss
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f. Moving expenses
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g. Miscellaneous (attach U.S. Schedule A; see inst.)
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h. Limit on itemized deductions
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i. If you do not itemize, use the standard deduction
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46.
Enter the total of 45a - h, or 45i if you did not itemize
47.
Modified Taxable Income. Subtract line 46 from line 44
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(If less than zero enter zero.)
Step 2. Figure Your Carryback (If you are not carrying the loss back, go to Step 3.)
48.
Unabsorbed net operating loss. Enter in column A your
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federal operating loss as a positive amount
49.
Net operating loss to be carried to next succeeding year.
Subtract line 47 from line 48. Carry the amount on this line to the next
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column, line 48 (cannot be less than zero)
Step 3. Figure Your Carryforward
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50.
Enter the year the federal NOL occurred
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51.
Enter the amount of the original Federal NOL as a positive amount
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52.
Enter the total of all NOLDs used for previous years
53.
Subtract line 52 from line 51. This is the remaining NOL that can
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be carried forward to the year on line 41
54.
Subtract line 47 (modified taxable income) from line 53. This is the
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remaining NOL to carry forward. This amount can't be less than 0.
Line-by-Line Instructions for Part 3: Adjusting Your NOL for Household Income
Note: The NOL deduction allowed for household income is based on the federal NOL and NOL carryover. For loss years ending in 2001 and 2002, the
carryback rules for most federal NOLs have changed. In general, NOLs incurred in these tax periods are now carried back 5 years instead of 2 years. Any
remaining loss may then be carried forward 20 years. See the U.S. 1045 instructions for exceptions to general rules for federal NOLs.
Line 42: Include NOL carryovers or carrybacks from earlier
Line 47: This is your federal modified taxable income (FMTI).
years.
Your Michigan net operating loss deduction will be the amount
on this line or the amount from line 48 (or line 53 for
Line 43a: Adjustments to AGI, such as taxable Social Security
carryforwards), whichever is smaller. This amount cannot be less
benefits and IRA deductions, must be recalculated based on
than zero.
federal modified AGI.
Line 48: Enter your federal NOL in column A as a positive
Line 45: Use 45a-h if you itemized. If you didn't itemize, use 45i.
amount. Each succeeding year will be the excess portion (if any)
45a: Medical adjustments. The amount of medical adjustments
from line 49 of the preceding column.
you can take varies with federal law from year to year. You must
recalculate your medical expense deduction based on modified
Line 49: Subtract line 47 from line 48. If the result is more than
federal AGI and the federal limitation in effect for the year
zero, this is the excess NOL to be carried to the next year. If it is
entered on line 41.
less than zero, the NOLD is limited to the excess on line 48. This
45c: Percentage limitations on charitable contributions are based
is the last year affected by the NOL.
on modified federal AGI.
45g: Miscellaneous deductions are limited to 2 percent of AGI.
Line 54: If line 47 is less than line 53, subtract line 47 from line
This amount cannot exceed 2 percent of modified federal AGI.
53 and enter here; then use line 47 as your NOLD to recalculate
45h: If modified AGI exceeds certain amounts, itemized
your credit. If line 47 is greater than line 53 enter zero here and
deductions may be limited. See limitations in effect for the year
use line 53 as your NOLD to recalculate your Michigan credits.
entered on line 41.
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