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Question
How is NOL Worksheet 2, line 2 (Taxable income without the NOL deduction) calculated?
Answer
The amount is calculated as follows:
Form 1040, line 10 (taxable income) + NOL deduction = NOL Worksheet 2, line 2
Note: The NOL deduction can be found on NOL Worksheet 2, line 1.
For additional information on the calculation of the NOL worksheets, see IRS Publication 536, Net Operating Losses (NOLs) for Individuals, Estates, and Trusts.
Related topic: Form 1045 and net operating loss worksheets FAQs (1040)
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