Form Nol-85 - Alabama Computation Of Net Operating Loss
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1
207000185
Loss Year Ending
A
FORM
LABAMA
NOL-85
D
R
EPARTMENT OF
EVENUE
_________________, ________
Computation of Net Operating Loss
Rev. 6/07
Name(s) as shown on Form 40, or 40NR
Your Social Security Number
Reset Form
PURPOSE OF SCHEDULE. Form NOL-85 is designed to determine the actual net operating loss sustained in the loss year that may be carried back or carried forward.
Before preparing this form, the loss year return must first be completed through the taxable income line. See instructions on the reverse side for further information.
PART I – Excess of Nonbusiness Deductions Over Nonbusiness Income
NONBUSINESS DEDUCTIONS:
1a
1(a) Federal income tax claimed as a deduction on the loss year return . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1b
(b) Loss on sale of nonbusiness assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1c
(c) Payments to Individual Retirement Arrangement (IRA), Keogh retirement plan, or SEP plan . . . . . . . . . . . . . . . . . . . . . . . . . .
1d
(d) Penalty on early withdrawal of savings (Form 40 only). . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1e
(e) Alimony paid . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1f
(f) Adoption expenses. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1g
(g) Self employed health insurance deduction from Page 2, Part II of Form 40 or 40NR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1h
(h) Other (explain) ________________________________________________________________________________________ _
2a
2(a) Enter the Standard Deduction claimed on return. (Skip lines 2b, 3a-b, 4, and 5) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2b
(b) Enter the Total Itemized Deductions claimed on Schedule A . . . . . . . . . . . . . . . . . . . . . . .
LESS BUSINESS DEDUCTIONS:
3a
3(a) Casualty or theft loss claimed on Schedule A . . . . . . . . . . .
3b
(b) Other miscellaneous business deductions . . . . . . . . . . . . .
4
4
Total Adjustments to Schedule A. Add lines 3a and 3b . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
5
TOTAL NONBUSINESS ITEMIZED DEDUCTIONS. Subtract line 4 from line 2b . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
6
TOTAL NONBUSINESS DEDUCTIONS. Add lines 1a through 2a and 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
NONBUSINESS INCOME:
7a
7(a) Interest and Dividend Income (Form 40 only) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7b
(b) Gain on sale of nonbusiness assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7c
(c) Federal income tax refunds reported on loss year return (Form 40 only) . . . . . . . . . . . . . . . .
7d
(d) Taxable distributions from pensions, annuities, IRAs or other retirement plans (Form 40 only)
7e
(e) Alimony received (Form 40 only) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7f
(f) Trust and/or Estate income from Schedule E . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
(g) Other (explain) _____________________________________________________________
On line 7(g) include items such as director’s fees, royalty income, gambling income, prizes,
7g
awards, etc.. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
8
8
TOTAL NONBUSINESS INCOME. Add lines 7a through 7g . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9
EXCESS NONBUSINESS DEDUCTIONS OVER NONBUSINESS INCOME. If line 6 exceeds line 8, subtract line 8 from line 6.
Enter the result here and on line 5, Part II below. If line 8 exceeds line 6, enter –0– here and also on line 5, Part II below. . . . .
9
PART II – Computation of Net Operating Loss
(
)
1
Enter the Taxable Income from Form 40 or Form 40NR . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
1
Modifications – (enter all amounts on lines 2 through 6 below as positive amounts)
2
Net Operating Loss claimed on the loss year return (if any) . . . . . . . . . . . . . . . . . . . . . . . . .
2
3
3
Personal exemption claimed on the loss year return. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
4
Dependent exemption claimed on the loss year return . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
Enter the Excess Nonbusiness Deductions Over Nonbusiness Income from line 9, Part I
5
above . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
TOTAL MODIFICATIONS. Add lines 2, 3, 4, and 5 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
6
7
NET-OPERATING LOSS ALLOWABLE. Combine lines 1 and 6. If the result is a negative figure, enter here. If zero or a
positive figure – STOP – DO NOT FILE THIS FORM. You DO NOT have a net operating loss . . . . . . . . . . . . . . . . . . . . . .
7
PART III – Election to Forfeit Carryback Provision
(CAUTION – Do Not Complete Part III If You Are Carrying Loss Back)
If the amount on line 7, Part II above is a negative figure, you may elect to carry this loss forward or it must be carried back 2 years (3 years prior to January 1, 1998) and
any unused portion may then be carried forward to succeeding years (see instructions). See Part III instructions for election to forfeit carryback provision.
I hereby elect to forfeit the carryback provision and instead elect to carryforward any allowable net operating loss for this taxable year.
Your Signature
Date
Spouse’s Signature (if joint return, BOTH must sign)
Form NOL-85
ADOR
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