Form 511nol - Oklahoma Net Operating Loss Full-Year Residents Only Page 3
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1
2
3Supplement to Form 511
Oklahoma Net Operating Loss Full-Year Residents Only
Page 3
511nol
Taxpayer Social Security Number
Taxpayer’s first name and initial
Last name
Revised
2014
Schedule B
Intervening Year _____________ 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 26.
In succeeding year, enter amount from line III of previous
year’s NOL Schedule B ..........................................................
I.
To compute modified taxable income:
A.
To compute Oklahoma Adjusted Gross Income
For the Intervening Year
1.
Federal Adjusted Gross Income ............................
A1.
2.
Oklahoma subtraction
(from Form 511X, line 2 or
Schedule 511-A) Be sure to exclude the NOL for the
A2.
...............................
NOL year entered above or later years
A3.
3.
Subtract line A2 from line A1 .................................
A4.
4.
Out-of-state income ...............................................
5.
Subtract line A4 from line A3 .................................
A5.
6.
Oklahoma additions.
(from Form 511X, line 6 or
Schedule 511-B) Be sure to include 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.
................................................
A7.
(Add lines A5 and A6.)
B.
Modifications: (for intervening year)
1.
Oklahoma capital losses in excess of Oklahoma
capital gains (included in the net capital loss
limitation from Federal Schedule D) ........................
(Note: Enter as a positive number) .......................
B1.
2.
Section 1202 Exclusion and domestic production
activities deduction (enter as positive number) .....
B2.
3.
Adjustments to AGI from the Federal NOL
carryover worksheet ..............................................
B3.
C.
Modified Oklahoma Adjusted Gross Income.
(line A7 plus lines B1, B2 and B3) .................................
C.
D.
Less Allowable Modified Itemized Deductions.
1.
Itemized deductions reported on the original
return less the adjustments to itemized
deductions from the Federal NOL carryover
worksheet.
OR
Oklahoma standard deduction (for 2005 and prior
compute on line C above.) ...................................
D1.
2.
Percent allowed. (line C divided by line A3)
(Limited to 100%) ..................................................
D2.
%
3.
Allowable deductions.
(line D1 multiplied by line D2) ...............................
D3.
(
)
E.
Adjustments to Oklahoma Adjusted Gross Income.
Example: Military Pay Exclusion, Disability Deduction, etc. (from Form 511X,
E.
............................................................
Line 8 or Schedule 511-C)
(
)
II.
Modified taxable income. (combine lines C, D3 and E)
II.
If zero or less, enter zero .......................................................
III.
Oklahoma Net Operating Loss carryover.
III.
(line I minus line II) If zero or less, enter zero ........................
A copy of your Federal return is required for the intervening year entered above.
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