Entering NOL carryovers (1041)

Alerts and notices

Use the following information to enter net operating loss carryovers from prior years.

  • If the net operating loss amount from any prior year was carried back to an earlier year, enter only the amount available for carryforward in the NOL Carryovers section of Screen CO in the Carryovers & NOL folder.
  • If you entered losses as negative amounts, enter the carryforwards from the year in which the losses were used.

Example: A net operating loss of $10,000 was generated in 2011. $3,000 of that loss was carried back to prior years and $4,500 of the remaining amount was used in 2012. Enter 7,000 ($10,000 minus $3,000) in the 2011 field and enter -4,500 in the 2012 field.

Notes

  • If you are amending a return for a carryback from a future year, enter the carryback amounts in the Net operating loss carryback field on Screen Deduct in the Deductions folder and the Alternative minimum tax net operating loss carryback (Force) field on Screen AMT in the Taxes folder.
  • The AMT amounts for carryovers on Screen CO do not default to the regular tax amounts. The AMT amounts must be entered separately even if they are the same as the regular tax amounts.