AMT NOL Computation Worksheet

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This tax worksheet calculates Alternative minimum tax’s net operating loss deduction. An NOL is defined as a taxpayer’s excess deductions over a taxpayer’s gross income. Similarly, AMT NOL is defined as deductions defined by alternative minimum tax rules over alternative minimum tax income (AMTI).

See the additional rules and guidance pertaining to AMT related deductions, exclusions and preferences in the Form 6251 instructions.

Footnotes

  1. Although the AMT NOL computation normally begins with the regular tax NOL, there is no requirement that a regular tax NOL exist for there to be an AMT NOL or vice versa. Thus, the regular tax amount on line 1 could be a positive taxable income amount. See Worksheet titled "Net Operating Loss - Computation."
  2. Tax preference items (IRC Sec. 57) are considered only if they increased the regular tax NOL for the tax year. Adjustment items (IRC Secs. 56 and 58) may be either positive or negative; thus, the subtotal for adjustments and preferences may be either positive or negative.
  3. An AMT NOL generated in the current year must generally be carried back two years (three years for certain eligible casualty losses and five years for farming losses) and then forward 20 years unless an election is made to forgo the carryback. The election, if made, applies to both the regular tax and AMT NOLs.
  4. NOLs arising in (or carried forward to) the current year can offset 90% of AMTI (determined without regard to the AMT NOL and the domestic production activities deduction) in the carryback or carryforward year.

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