1040-IN: Carrying over a current-year 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.

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Any current-year Indiana net operating loss must be carried forward. Indiana NOLs are no longer allowed to be carried back to prior years. Per Indiana Department of Revenue, all claims for Indiana NOL carryback were to have been filed by December 31, 2011. As a result, all losses must be carried forward even if a net operating loss exists for a tax year prior to 2011.

For example, if there was an Indiana NOL for tax year 2010 and a carryback was never claimed before January 1, 2012, the loss can be carried forward but can no longer be carried back to prior years.

Proforma to next year

UltraTax CS proformas all necessary information from this year to next year when all information is entered correctly in the current year. Information from Screens INNOL and INNOL-2 as well as certain calculated amounts proforma to next year’s Screen INNOL-2.

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