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Fixed Assets and UltraTax CS 2023 help is now on Help and Support. We're still moving articles, but you can find most content for the 2023 tax year there. Continue using the Help & How-To Center for tax years 2022 and older.
If a taxpayer has both an NOL and taxable income in the current year, you have the option to mark the Ignore net operating loss checkbox in Screen INNOL to treat the current-year NOL carryforward amount as 0 (zero).
If a taxpayer has both an NOL and taxable income in a prior year, you have the option to mark the Ignore NOL checkbox in Screen INNOL-2 to treat the intervening year’s NOL
Indiana tax legislation passed in 2004 intended to make net operating loss rules more favorable to taxpayers. However, an unintended consequence of the legislation makes it feasible under certain circumstances to have both positive AGI and a net operating loss in the same year starting with
Indiana requires any NOL carryover amounts to be used as soon as there is taxable income available to absorb them and a taxpayer may not skip a year. For example, if the taxpayer has loss carryforward from Year 1, taxable income in Year 2, and taxable income in Year 3, the loss must be applied first to Year 2, then to Year 3.
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