1040-IN: Calculating a current-year Indiana NOL

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MFA required for electronic filing

Effective May 3rd, the 2017 version of UltraTax CS requires multi-factor authentication (MFA) to access the electronic filing transmission feature in CS Connect.

Thomson Reuters is committed to proactively evolving our security features to help you protect your firm and your clients' data. For more information about multi-factor authentication, see Multi-factor authentication overview.

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.

  • 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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