Form Ia 123 - Iowa Net Operating Loss (Nol) Worksheet
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1
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3Iowa Department of Revenue
IA 123 Iowa Net Operating Loss (NOL) Worksheet
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. Nonresidents: See instructions ..
1.
2.
Additions to Net Income
a.
Net Operating Loss claimed from previous year ............................................................................ 2a.
b.
Net capital loss (line 6, IA 1040) or capital gain deduction (lin e 23, IA 1040) see instructions .......... 2b.
c.
Nonbusiness Adjustments to Income ............................................................................................. 2c.
d.
All federal tax refunds from line 27, IA 1040 .................................................................................. 2d.
e.
Self-employment 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 38, 2013 & 2014 IA 1040 or line 42, 2012 or prior
IA 1040)
Iowa Taxable Income for carryback or carryover year ______ (fill in year) Line 38, 2013 & 2014 IA
8.
1040 or line 42, 2012 or prior 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 carryforward. Add lines 7 (less any prior applications) 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 38, 2013 & 2014 IA 1040 or line 42, 2012 or
prior IA 1040)
15.
Net Income for carryback or carryover year ______ (fill in year) from line 26, IA 1040. Include capital
gain deduction to the extent of the NOL .............................................................................................
15.
16.
NOL deduction less any prior applications .........................................................................................
16.
17.
Adjusted Iowa Net Income. 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.
Taxable Income. Subtract line 21 from line 19 and enter here .............................................................
22.
22.
Important Notice: Iowa did not couple with the federal changes to the carryback rules provided by the ARRA of 2009.
41-123a (06/19/14)
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