State Form 46004 - Schedule It-40nol - Individual Income Tax Net Operating Loss Computation Page 5

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their 2010 or their 2011 Indiana tax return.
Line 6 – NOL available for carryforward.
Enter here the amount from Schedule IT-
Therefore, if 2010 is the loss year, include
40NOL, Part 1, line 6 (enter as a positive
on line 2 only those add-backs that were
amount).
reported on the 2010 tax return.
•
If this is the first time the NOL from
Schedule IT-40NOL, line 6 is being
For tax year 2011 and beyond, add:
used, then enter the full amount here.
•
Certain trade or business deductions
•
If you have already used the NOL
based on employment of unauthorized
from Schedule IT-40NOL, line 6, to
alien
offset income, then enter here the
remaining available loss (from line 8 of
For tax year 2012 and beyond, add:
the Carryforward Worksheet). See line
•
OOS municipal obligation interest
8 instructions.
Complete line 7 OR line 8 based on the
Note. In 2013 the following add-backs
following:
were deemed to be no longer required,
•
If line 5 is greater than line 6,
retroactive to 2012:
complete line 7.
•
IRA charitable distribution
•
If line 6 is greater than line 5,
•
Motorsports entertainment complex
complete line 8.
•
Qualified advance mining safety
equipment
Line 7 – If the line 5 intervening year’s
•
Qualified leasehold improvement
Indiana AGI is greater than or equal to the
property
line 6 NOL available for carryforward, then
•
Qualified restaurant property
you will use all of the available NOL as a
deduction. Subtract line 6 from line 5 and
•
Qualified retail improvement property
enter the difference here. Skip line 8 and
•
Qualified transportation fringe
complete line 9.
expenses
•
Tuition and fees
Line 8 – If the line 6 NOL available for
carryforward is greater than the line 5
If you reported any of the above on your
intervening year’s Indiana AGI, then you
2012 tax return, and you utilized Option 2
will be able to offset the entire intervening
to report them as a negative add-back on
year’s Indiana AGI and have a reduced
your 2013 return (using a 300-series 3-digit
NOL available to carry to other years.
code number in lieu of filing an amendment
Subtract line 5 from line 6 and enter the
for 2012), do not include these amounts on
difference here and on line 6 in the next
column.
line 2 when 2013 is the intervening year.
Line 9 – Enter the smaller of the amount
Line 3 – Add lines 1 and 2 and enter the
on line 5 or line 6. This is your Indiana
result here.
NOL deduction. Enter on IT-40 Schedule
1 (Schedule 2 for the 2009 tax year and
Line 4 – Enter the net of the following
beyond), under line 11, or IT-40PNR
deductions as claimed on the intervening
Schedule B (Schedule C for the 2009 tax
year’s return:
year and beyond), under line 11. If carrying
•
Non-Indiana locality earnings
the loss forward to a tax year which has
deduction
already been filed, enter the amount on
•
Homeowner’s residential property tax
Form IT-40X, line 4, Column B.
deduction
•
State tax refund and/or other
recovered itemized deductions
•
Interest from U.S. government
obligations
•
Social Security and/or benefits issued
by the U.S. Railroad Retirement Board
•
Indiana partnership long-term care
policy premiums deduction
•
Human services deduction
•
Qualified patent income exemption
•
National Guard and reserve
component member’s deduction
•
Nonresident military spouse earned
income deduction
•
Total exemptions claimed (after
proration, if applicable)
Line 5 – Intervening year’s Indiana AGI.
Subtract line 4 from line 3 (if less than
zero, enter zero).
3

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