Form Ia 123 - Iowa Nol Worksheet
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Iowa Department of Revenue
IA 123 - Iowa NOL Worksheet
Net Operating Loss
NAME
Social Security Number
SPOUSE’S NAME
Social Security Number
SECTION A: Calculation of the IA NOL
1. Net Income for loss year ______ (fill in year) from line 26, IA 1040 ................................................................ 1 _______________
Nonresidents: See instructions.
2. Additions to Net Income
a. Net Operating Loss claimed from previous year ...................................................... 2a ________________
b.
2b ________________
Net capital loss (line 6, IA 1040) or capital gain deduction (line 23, IA 1040) See instructions. .
c. Nonbusiness Adjustments to Income ......................................................................... 2c ________________
d. All federal tax refunds from line 27, IA1040 ............................................................. 2d ________________
e. Self-employment tax from line 28, IA 1040 ............................................................... 2e ________________
3. Total Additions: Add lines 2a through 2e and enter here. .................................................................................. 3 ______________
4. Subtotal: Add lines 1 and 3 and enter here. .......................................................................................................... 4 ______________
5. Deductions from Net Income
a. Federal tax payments from lines 31-33, IA 1040 ..................................................... 5a ________________
b. Business deductions included in itemized deductions ............................................ 5b ________________
c. Nonbusiness itemized deductions/adjustments, to the extent of nonbusiness
income. See instructions. ............................................................................................. 5c ________________
6. Total subtractions from Net Income.
Add lines 5a through 5c and enter here. ............................................................................................................... 6 _______________
7. COMPUTED NOL. Subtract line 6 from line 4 and enter here. .......................................................................... 7 _______________
SECTION B: Application of the IA NOL when the IA NOL is not completely absorbed in the tax year
Application to Carryback or Carryover Year (NOL is greater than taxable income. Line 42, IA 1040)
8. Iowa Taxable Income for carryback or carryover year ______ (fill in year) from line 42, IA 1040 .............. 8 _______________
9. Additions to Iowa Taxable Income
a. If applicable, capital loss (line 6, IA 1040) or capital gain deduction (line 23, IA 1040) 9a ________________
b. If applicable, itemized deductions decrease due to 9a per amended federal
return. Applies only if a federal NOL is filed. ............................................................ 9b ________________
10. Add lines 9a and 9b and enter here. ...................................................................................................................... 10 _______________
11. If applicable, increase in Iowa standard deduction. See instructions. ............................................................. 11 _______________
12. Subtract line 11 from line 10 and enter here. ....................................................................................................... 12 _______________
13. Adjusted Taxable Income. Add lines 8 and 12 and enter here. ......................................................................... 13 _______________
14. NOL carry forward. Add lines 7 and 13 and enter here. ..................................................................................... 14 _______________
SECTION C: Application of the IA NOL when the IA NOL is completely absorbed in the tax year
Application to Carryback or Carryover Year (NOL is less than taxable income. Line 42, IA 1040)
15. Net Income for carryback or carryover year ______ (fill in year) from line 26, IA 1040 ............................... 15 _______________
Include capital gain deduction to the extent of the NOL.
16. NOL deduction less any prior applications ............................................................................................................ 16 _______________
17. Adjusted Iowa Net. Subtract line 16 from line 15 and enter here. .................................................................... 17 _______________
18. Enter all federal tax refund(s) and self-employment tax from lines 27 and 28, IA 1040. .............................. 18 _______________
19. Total. Add lines 17 and 18 and enter here. ........................................................................................................... 19 _______________
20. Deductions
a. Federal tax paid from lines 31-33, IA 1040 ............................................................... 20a _______________
b. Itemized deductions per original return or revised standard deduction .............. 20b _______________
c. Additional itemized deductions per amended federal return.
Applies only if a federal NOL is filed. ........................................................................ 20c _______________
21. Total Subtractions. Add lines 20a through 20c and enter here. ........................................................................ 21 _______________
22. TAXABLE INCOME. Subtract line 21 from line 19 and enter here. .................................................................. 22 _______________
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Parent category: Financial