1120-US: Total NOL carryover amount does not appear on Form 1120, line 29a (FAQ)

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Question

Why doesn't the total NOL carryover amount appear on Form 1120, line 29a?

Answer

In accordance with Form 1120 instructions, UltraTax CS limits the NOL deduction to the amount of the current-year income less special deductions. Therefore, if there is a loss in the current year, UltraTax CS uses zero for the NOL deduction on Form 1120, line 29a.

Related topic: 1120-US: Net operating loss deduction FAQs

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