1120-US: NOL Carryover Worksheet (FAQ)

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The IRS MeF system is now processing returns, and the filing deadline has been extended to 11:59 PM on Wednesday, April 18, 2018. For the latest details, see UltraTax CS alerts and notices.

Question

How do I reduce the NOL carryover to reflect amounts no longer available?

Answer

UltraTax/1120 determines if any NOL carryover is available by netting the Prior (Income Offset) NOL Utilized amounts with the Income (Loss) amounts for each of the preceding tax years.

Related topic: 1120-US: Net operating loss deduction FAQs

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