1040-US: Modified taxable income calculation for net operating losses

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Question

How is modified taxable income calculated for purposes of NOL?

Answer

UltraTax CS calculates modified taxable income by taking the taxable income and adding back certain adjustments and deduction items. NOL Worksheet 2 shows this calculation in detail, as well as the amount of NOL available for carryover to next year.

For more information, see Publication 536, Net Operating Losses (NOLs) for Individuals, Estates, and Trusts

Related topic: Form 1045 and net operating loss worksheet FAQs (1040)

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