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Question
How is NOL Carryover Calculation Worksheet 1, line 2 - Taxable income without the NOL deduction) calculated?
Answer
The amount is calculated as follows:
Form 1040, line 11b (taxable income) + NOL deduction = NOL Carryover Calculation Worksheet 1, line 2
Note: The NOL deduction can be found on NOL Carryover Calculation Worksheet 1, 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.
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