1040-IN: Calculating a current-year Indiana NOL

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

To calculate an Indiana NOL, federal Form 1045, Schedule A-NOL must first be calculated under Indiana law. Next, Schedule IT-40NOL can be completed.

UltraTax CS uses the federal data entry and amounts entered on Screen INAdj to calculate Indiana’s Form 1045A-NOL and Schedule IT-40NOL. Use Screen INNOL to force the amounts on Indiana Form 1045A-NOL.

Notes
  • Form 1045, Schedule A-NOL has changed from year-to-year. For any given loss year, you must use the corresponding version of UltraTax CS to calculate Form 1045, Schedule A-NOL.
  • Under certain circumstances, it is possible to have both taxable income and a net operating loss calculating in the same year. See Ignoring NOL generated in current tax year when there is taxable income for more information.
  • As of 2012, all net operating losses must be carried forward. See Carrying over a current-year NOL for more information.

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