990-US: NOL carryover amount does not appear on Form 990-T, line 31 (FAQ)

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Question

Why doesn't the total NOL carryover amount appear on Form 990-T, line 31?

Answer

In accordance with Form 990-T 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 990-T, line 31.

Related topic: 990 frequently asked questions

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