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

Alerts and notices
Leave feedback

Internal Employees: Submit feedback

Contact information (optional):

Leave this blank:

Please tell us how we can make this information more helpful.


Characters left:

MFA required for electronic filing

Effective May 3rd, the 2017 version of UltraTax CS requires multi-factor authentication (MFA) to transmit e-files from CS Connect. Find out more.

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)

Share This