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If your deductions for the year are more than your income for the year, you may have a net operating loss (NOL). To have an NOL, the loss must be caused by:
A loss from operating a business is the most common reason for an NOL. Partnerships and S corporations generally CANNOT use an NOL. But partners or shareholders can use their separate shares of the partnership or S corporation's business income and business deductions to figure their individual NOL's. TOP
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Learning Objectives (What You Asked)YOUR QUESTION(S) What is a Net operating Loss? How is it computed?
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Plain English Analysis What it does, Why it works - The Answer, Alternatives
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YOUR ANSWERS What it does, Explanation of this topic and how it may affect you: What is a Net operating Loss? How is it computed? Please Refer to: What is a Net Operating Loss? If your deductions for the year are more than your income for the year, you have a potential NOL. IntroductionIf your deductions for the year are more than your income for the year, you may have a net operating loss (NOL). You can use an NOL by deducting it from your income in another year or years. This publication discusses NOLs for individuals, estates, and trusts. It explains how to figure an NOL, when to use it, how to claim an NOL deduction, and how to figure an NOL carryover. To have an NOL, your loss must be caused by one of the following kinds of deductions.
A loss from operating a business is the most common reason for an NOL. Partnerships and S corporations generally cannot use an NOL. But partners or shareholders can use their separate shares of the partnership's or S corporation's business income and business deductions to figure their individual NOLs. NOL StepsFigure and use your NOL in the following steps: Step 1. Complete your tax return for the year. You may have an NOL if a negative figure appears on the line below:
If the amount on that line is zero or more, stop here -- you do not have an NOL. Step 2. Determine whether you have an NOL and its amount. See How To Figure an NOL, later. If you do not have an NOL, stop here. Step 3. Decide whether to carry the NOL back to a past year or to choose to waive the carryback period and instead carry the NOL forward to a future year. See When To Use an NOL, later. Step 4. Deduct the NOL in the carryback or carryforward year. See How To Claim an NOL Deduction, later. If your NOL deduction is equal to or smaller than your taxable income without the deduction, stop here -- you have used up your NOL. Step 5. Determine the amount of your unused NOL. See How To Figure an NOL Carryover, later. Carry over the unused NOL to the next carryback or carryforward year and begin again at Step 4. Note. If your NOL deduction includes more than one NOL amount, apply Step 5 separately to each NOL amount, starting with the amount from the earliest year.
How To Figure an NOLIf your deductions for the year are more than your income for the year, you have a potential NOL. There are rules that limit what you can deduct when figuring an NOL. In general, you cannot deduct the following items.
Schedule A (Form 1045). Use Schedule A (Form 1045) to figure an NOL. This discussion explains Schedule A and includes an illustrated example. First, complete lines 1-3 of Schedule A, using amounts from your return. If line 3 is a negative amount, you have a net loss and a potential NOL. Next, complete the rest of Schedule A to figure your NOL. Adjust the amount on line 3 for deductions that are allowed when figuring your taxable income, but not when figuring an NOL. The following discussions explain these adjustments. Adjustment for exemptions (line 4). You cannot deduct your personal exemption or your exemptions for dependents. An estate or trust cannot deduct its exemption amount. Your adjustment is the total amount you deducted for exemptions. Adjustment for nonbusiness deductions (line 12). You can deduct your nonbusiness deductions (line 9) only up to the total of:
Nonbusiness deductions (line 9). Enter on line 9 as your nonbusiness deductions only those that are not related to your trade or business or your employment. For example, enter your deductions for alimony, contributions to an IRA or other self-employed retirement plan, medical expenses, taxes, interest, and charitable contributions. If you do not itemize deductions, include your standard deduction. Do not include your deduction for casualty and theft losses, your deduction for one-half of your self-employment tax, or your deduction for self-employed health insurance. Treat these items as business deductions. Also, do not include your deductions for expenses that are ordinary and necessary in carrying on your trade or business or your employment, or related deductions for the following items.
Nonbusiness income (line 10). Enter on line 10 only income that is not related to your trade or business or your employment. For example, enter your annuity income, dividends, and interest from investments. Also, include your share of nonbusiness income from partnerships and S corporations. Do not include the income you receive from your trade or business or your employment. This includes salaries and wages, self-employment income, and your share of business income from partnerships and S corporations. Also, do not include rental income or ordinary gain from the sale or other disposition of business real estate or depreciable business property. Adjustment for section 1202 exclusion (line 20). Enter on line 20 any gain you excluded on the sale or exchange of qualified small business stock. Adjustments for capital losses (lines 24 and 25). You can deduct your nonbusiness capital losses (line 5) only up to the amount of your nonbusiness capital gains (line 6), without regard to any section 1202 exclusion. If your nonbusiness capital losses are more than your nonbusiness capital gains, you cannot deduct the excess. You can deduct your business capital losses (line 14) only up to the total of:
The adjustment on line 24 is your capital loss deduction (line 22) that is more than your net capital loss without regard to any section 1202 exclusion (line 21). Your adjustment on line 25 is your nondeductible capital losses (line 18) that are more than the nondeductible net capital loss on your return (line 23), without regard to any section 1202 exclusion claimed on Schedule D. (You had a nondeductible net capital loss if your net capital loss was more than your capital loss deduction.) Adjustment for NOL deduction (line 26). You cannot deduct any NOL carryovers or carrybacks from other years. Your adjustment is the total amount of your NOL deduction for losses from other years. Illustrated Schedule A (Form 1045)The following example illustrates how to figure an NOL. It includes filled in pages 1 and 2 of Form 1040 and Schedule A (Form 1045). Example. Glenn Johnson is in the retail record business. He is single and has the following income and deductions on his Form 1040 for 1999.
Glenn's deductions exceed his income by $9,400 ($13,050 - $3,650). However, to figure whether he has an NOL, he must modify certain deductions. He uses Schedule A (Form 1045) to figure his NOL. See the illustrated Schedule A (Form 1045) included later. Glenn cannot deduct the following items on Schedule A (Form 1045).
When these items are eliminated, Glenn's net loss is reduced to $1,775 ($9,400 - $7,625). This is his NOL for 1999. How To Claim an NOL DeductionIf you have not already carried the NOL to an earlier year, your NOL deduction is the total NOL. If you carried the NOL to an earlier year, your NOL deduction is the NOL minus the amount you used in the earlier year or years. If you carry more than one NOL to the same year, your NOL deduction is the total of these carrybacks and carryovers. NOL more than taxable income. If your NOL is more than the taxable income of the year you carry it to (figured before deducting the NOL), you generally will have an NOL carryover to the next year. See How To Figure an NOL Carryover, later, to determine how much NOL you have used and how much you carry to the next year. Deducting a CarrybackIf you carry back your NOL, you can use either Form 1045 or Form 1040X. You can get your refund faster by using Form 1045, but you have a shorter time to file it. You can use Form 1045 to apply an NOL to all carryback years. If you use Form 1040X, you must use a separate Form 1040X for each carryback year to which you apply the NOL. Estates and trusts not filing Form 1045 must file an amended Form 1041 (instead of Form 1040X) for each carryback year to which NOLs are applied. Use a copy of the appropriate year's Form 1041, check the "Amended return" box, and follow the Form 1041 instructions for amended returns. Include the NOL deduction with other deductions not subject to the 2% limit (line 15a for 1997 and 1998). Also, see the special procedures for filing an amended return due to an NOL carryback, explained under Form 1040X, later. Form 1045. You can apply for a quick refund by filing Form 1045. This form results in a tentative adjustment of tax in the carryback year. See the Form 1045 illustrated at the end of this discussion. If the IRS refunds or credits an amount to you from Form 1045 and later determines that the refund or credit is too much, the IRS may assess and collect the excess immediately. You must file Form 1045 on or after the date you file your tax return for the NOL year, but not later than one year after the NOL year. For example, if you are a calendar year taxpayer with a carryback from 1999 to 1997, you must file Form 1045 on or after the date you file your tax return for 1999, but no later than January 2, 2001. (Since December 31, 2000, falls on a Sunday and January 1, 2001, is a holiday, the due date is extended to January 2, 2001.) Form 1040X. If you do not file Form 1045, you can file Form 1040X to get a refund of tax because of an NOL carryback. File Form 1040X within 3 years after the due date, including extensions, for filing the return for the NOL year. For example, if you are a calendar year taxpayer and filed your 1996 return by the April 15, 1997, due date, you must file a claim for refund of 1994 tax because of an NOL carryback from 1996 by April 17, 2000. (Since April 15, 2000, falls on a Saturday, the due date is extended to April 17, 2000). Attach a computation of your NOL using Schedule A (Form 1045) and, if it applies, your NOL carryover using Schedule B (Form 1045), discussed later. Refiguring your tax. To refigure your total tax liability for a carryback year, first refigure your adjusted gross income for that year. (On Form 1045, use lines 10 through 12 and the "After carryback" column for the applicable carryback year.) Use your adjusted gross income after applying the NOL deduction to refigure income or deduction items that are based on, or limited to, a percentage of your adjusted gross income. Refigure the following items.
If more than one of these items apply, refigure them in the order listed above, using your adjusted gross income after applying the NOL deduction and any previous item. (On line 10 of Form 1045, using the "After carryback" column, enter your adjusted gross income after applying the above refigured items, but without the NOL deduction. Enter your NOL deduction on line 11.) Next, refigure your taxable income. (On Form 1045, use lines 13 through 16 and the "After carryback" column.) Use your refigured adjusted gross income (line 12 of Form 1045, using the "After carryback" column) to refigure certain deductions and other items that are based on, or limited to, a percentage of your adjusted gross income. Refigure the following items.
Do not refigure the itemized deduction for charitable contributions. Finally, use your refigured taxable income (line 16 of Form 1045, using the "After carryback" column) to refigure your total tax liability. Refigure your income tax, your alternative minimum tax, and any credits that are based on, or limited to, the amount of tax. (On Form 1045, use lines 17 through 26, and the "After carryback" column.) The earned income credit, for example, may be affected by changes to adjusted gross income or the amount of tax (or both) and, therefore, must be recomputed. If you become eligible for a credit because of the carryback, complete the form for that specific credit (such as Schedule EIC) for that year. While it is necessary to refigure your income tax, alternative minimum tax, and credits do not refigure your self-employment tax. Deducting a CarryforwardIf you carry forward your NOL to a tax year after the NOL year, list your NOL deduction as a negative figure on the "Other income" line of Form 1040 (line 21 for 1999). Estates and trusts include an NOL deduction on Form 1041 with other deductions not subject to the 2% limit (line 15a for 1999). You must attach a statement that shows all the important facts about the NOL. Your statement should include a computation showing how you figured the NOL deduction. If you deduct more than one NOL in the same year, your statement must cover each of them. Change in Marital StatusIf you and your spouse were not married to each other in all years involved in figuring NOL carrybacks and carryovers, only the spouse who had the loss can take the NOL deduction. If you file a joint return, the NOL deduction is limited to the income of that spouse. For example, if your marital status changes because of death or divorce, and in a later year you have an NOL, you can carry back that loss only to the part of the income reported on a joint return (filed with your former spouse) that was your taxable income. After you deduct the NOL in the carryback year, the joint rates apply to the resulting taxable income. Refund limit. If you are not married in the NOL year (or are married to a different spouse), and in the carryback year you were married and filed a joint return, your refund for the overpaid joint tax may be limited. You can claim a refund for the difference between your share of the refigured tax and your contribution toward the tax paid on the joint return. The refund cannot be more than the joint overpayment. Attach a statement showing how you figured your refund. Figuring your share of a joint tax liability. There are five steps for figuring your share of the refigured joint tax liability.
Figuring your contribution toward tax paid. Unless you have an agreement or clear evidence of each spouse's contributions toward the payment of the joint tax liability, figure your contribution by adding the tax withheld on your wages and your share of joint estimated tax payments or tax paid with the return. If the original return for the carryback year resulted in an overpayment, reduce your contribution by your share of the tax refund. Figure your share of a joint payment or refund by the same method used in figuring your share of the joint tax liability. Use your taxable income as originally reported on the joint return in steps (1) and (2) (above), and substitute the joint payment or refund for the refigured joint tax in step (5). Change in Filing StatusIf you and your spouse were married and filed a joint return for each year involved in figuring NOL carrybacks and carryovers, figure the NOL deduction on a joint return as you would for an individual. However, treat the NOL deduction as a joint NOL. Figure it from the joint NOLs. If you and your spouse were married and filed separate returns for each year involved in figuring NOL carrybacks and carryovers, the spouse who sustained the loss may take the NOL deduction on a separate return.
Special rules apply for figuring the NOL carrybacks and carryovers of married people whose filing status changes for any tax year involved in figuring an NOL carryback or carryover. Separate to joint return. If you and your spouse file a joint return for a carryback or carryforward year, and were married but filed separate returns for any of the tax years involved in figuring the NOL carryback or carryover, treat the separate carryback or carryover as a joint carryback or carryover. Joint to separate returns. If you and your spouse file separate returns for a carryback or carryforward year, but filed a joint return for any or all of the tax years involved in figuring the NOL carryover, figure each of your carryovers separately. Joint return in NOL year. Figure each spouse's share of the joint NOL in the following steps:
Example 1. Mark and Nancy are married and file a joint return for 1999. They have an NOL of $5,000. They carry the NOL back to 1997, a year in which Mark and Nancy filed separate returns. Figured separately, Nancy's 1999 deductions were more than her income, and Mark's income was more than his deductions. Mark does not have any NOL to carry back. Nancy can carry back the entire $5,000 NOL to her 1997 separate return. Example 2. Assume the same facts as in Example 1, except that both Mark and Nancy had deductions in 1999 that were more than their income. Figured separately, his NOL is $1,800 and hers is $3,000. (The sum of their separate NOLs ($4,800) is less than their $5,000 joint NOL because his deductions included a $200 net capital loss that is not allowed in figuring his separate NOL. The loss is allowed in figuring their joint NOL because it was offset by Nancy's capital gains.) Mark's share of their $5,000 joint NOL is $1,875 ($5,000 × $1,800/$4,800) and Nancy's is $3,125 ($5,000 - $1,875). Joint return in previous carryback or carryforward year. If only one spouse had an NOL deduction on the previous year's joint return, all of the joint carryover is that spouse's carryover. If both spouses had an NOL deduction (including separate carryovers of a joint NOL, figured as explained in the previous discussion), figure each spouse's share of the joint carryover in the following steps.
Example. Sam and Wanda filed a joint return for 1997 and separate returns for 1998 and 1999. In 1999, Sam had an NOL of $18,000 and Wanda had an NOL of $2,000. They carry back both NOLs to their 1997 joint return and claim a $20,000 NOL deduction. Their joint modified taxable income (MTI) for 1997 is $15,000, and their joint NOL carryover to 1998 is $5,000 ($20,000 - $15,000). They figure their shares of the $5,000 carryover as follows:
Wanda's $2,000 NOL deduction offsets $2,000 of her $3,750 share of the joint modified taxable income and is completely used up. She has no carryover to 1998. Sam's $18,000 NOL deduction offsets all of his $11,250 share of joint modified taxable income and the remaining $1,750 of Wanda's share. His carryover to 1998 is $5,000. Illustrated Form 1045The following example illustrates how to use Form 1045 to claim an NOL deduction in a carryback year. It includes a filled in page 1 of Form 1045. Example. Martha Sanders is a self-employed contractor. Martha's 1999 deductions are more than her 1999 income because of a business loss. She uses Form 1045 to carry back her NOL and claim an NOL deduction in 1997. (See the filled in Form 1045 included here.) Her filing status in both years was " single." Martha figures her 1999 NOL on Schedule A, Form 1045 (not shown). (For an example using Schedule A, see Illustrated Schedule A (Form 1045) under How To Figure an NOL, earlier.) She enters the $10,000 NOL from line 27 of Schedule A on line 1a of page 1 of Form 1045. Martha completes lines 10 through 26, using the "Before carryback" column under the column labeled, "2nd preceding tax year ended 12/31/97" on page 1 of Form 1045 using the following amounts from her 1997 return.
Martha then completes lines 10 through 26, using the "After carryback" column under the column labeled, "2nd preceding tax year ended 12/31/97." On line 11, Martha enters her $10,000 NOL deduction. Her new adjusted gross income on line 12, is $40,000 ($50,000 - $10,000). To complete line 13, she must refigure her medical expense deduction using her new adjusted gross income. Her refigured medical expense deduction is $3,000 [$6,000 - ($40,000 × 7.5%)]. This increases her total deductions to $14,000 [$13,250 + ($3,000 - $2,250)]. Martha uses her refigured taxable income ($23,350) from line 16, and the tax tables in her 1997 Form 1040 instructions to find her income tax. She enters the new amount, $3,506, on line 17, and her new total tax liability, $9,626, on line 26. Since Martha used up her $10,000 NOL in 1997, she does not complete a column for the first preceding tax year ended 12/31/98. The decrease in tax because of her NOL deduction (line 28) is $2,845. Martha files Form 1045 after filing her 1999 return, but no later than January 2, 2001. (Since December 31, 2000, falls on a Sunday and January 1, 2001 is a holiday, the due date is extended to January 2, 2001.) She mails it to the Internal Revenue Service Center where she filed her 1999 return and attaches a copy of her 1999 return (including the applicable forms and schedules). How To Figure an NOL CarryoverIf your NOL is more than your taxable income for the year to which you carry it (figured before deducting the NOL), you may have an NOL carryover. You must make certain modifications to your taxable income to determine how much NOL you will use up in that year and how much you can carry over to the next tax year. Your carryover is the excess of your NOL deduction over your modified taxable income for the carryback or carryforward year. If your NOL deduction includes more than one NOL, apply the NOLs against your modified taxable income in the same order in which you incurred them, starting with the earliest. Modified taxable income. Your modified taxable income is your taxable income figured with the following changes.
Your taxable income as modified cannot be less than zero. Schedule B (Form 1045). You can use Schedule B (Form 1045) to figure your modified taxable income for carryback years and your carryover from each of those years. Do not use Schedule B for a carryforward year. If your 1999 return includes an NOL deduction from an NOL year before 1999 that reduced your taxable income to zero (to less than zero, if an estate or trust), see NOL Carryover From 1999 to 2000, later. Illustrated Schedule B (Form 1045)The following example illustrates how to figure an NOL carryover from a carryback year. It includes a filled in Schedule B (Form 1045). Example. Ida Brown runs a small clothing shop. In 1999, she has an NOL of $36,000 that she chooses to carry back to 1997. She has no other carrybacks or carryovers to 1997. Ida's adjusted gross income in 1997 was $29,000, consisting of her salary of $30,000 minus a $1,000 capital loss deduction. She is single and claimed only one personal exemption of $2,650. During that year, she gave $1,450 in charitable contributions. Her medical expenses were $2,725. She also deducted $1,650 in taxes and $1,125 in home mortgage interest. Her deduction for charitable contributions was not limited because her contributions, $1,450, were less than 50% of her adjusted gross income. The deduction for medical expenses was limited to expenses over 7.5% of adjusted gross income (.075 × $29,000 = $2,175; $2,725 - $2,175 = $550). The deductions for taxes and home mortgage interest were not subject to any limits. She was able to claim $4,775 ($1,450 + $550 + $1,650 + $1,125) in itemized deductions for 1997. She had no other deductions in 1997. Her taxable income for the year was $21,575. Ida's $36,000 carryback will reduce her 1997 taxable income to zero. She completes the column labeled "2nd preceding tax year ended 12/31/97," of Schedule B (Form 1045) to figure how much of her NOL she uses up in 1997 and how much she can carry over to 1998. See the illustrated Schedule B shown here. Ida does not complete the column for the first preceding tax year ended 12/31/98 because the $10,700 carryover to 1998 is completely used up that year. (See the information for line 9, below.) Line 1. Ida enters $36,000, her 1999 net operating loss, on line 1. Line 2. She enters $21,575, her 1997 taxable income, on line 2. Line 3. Ida enters on line 3 her net capital loss deduction of $1,000. Line 5. Although Ida's entry on line 3 modifies her adjusted gross income, that does not affect any other items included in her adjusted gross income. Ida enters zero on line 5. Line 6. Since Ida had itemized deductions and entered $1,000 on line 3, she completes lines 10 through 34 to figure her adjustment to itemized deductions. On line 6, she enters the total adjustment from line 34. Line 10. Ida's adjusted gross income for 1997 was $29,000. Line 11. She adds lines 3 through 5 and enters $1,000 on line 11. (This is her net capital loss deduction added back, which modifies her adjusted gross income.) Line 12. Her modified adjusted gross income for 1997 is now $30,000. Line 13. On her 1997 tax return, she deducted $550 as medical expenses. Line 14. Her actual medical expenses were $2,725. Line 15. She multiplies her modified adjusted gross income, $30,000, by .075. She enters $2,250 on line 15. Line 16. The difference between her actual medical expenses and the amount she is allowed to deduct is $475. Line 17. The difference between her medical deduction and her modified medical deduction is $75. She enters this on line 17. Line 18. She enters her modified adjusted gross income of $30,000 on line 18. Line 19. She had no other carrybacks to 1997 and enters zero on line 19. Line 20. Her modified adjusted gross income remains $30,000. Line 21. Her actual contributions for 1997 were $1,450, which she enters on line 21. Line 22. She now refigures her charitable contributions based on her modified adjusted gross income. Since she is well below the 50% limit, she enters $1,450 on line 22. Line 23. The difference is zero. Lines 24 through 33. Since Ida had no casualty losses or deductions for miscellaneous items in 1997, she leaves these lines blank. Line 34. She combines lines 17, 23, 28, and 33 and enters $75 on line 34. She carries this figure to line 6. Line 7. Ida enters her personal exemption of $2,650 for 1997. Line 8. After combining lines 2 through 7, Ida's modified taxable income is $25,300. Line 9. Ida figures her carryover to 1998 by subtracting her modified taxable income (line 8) from her NOL deduction (line 1). She enters the $10,700 carryover on line 9. She also enters this $10,700 as her NOL deduction for 1998 on line 11 of page 1, Form 1045, in the "After carryback" column under the column labeled "1st preceding tax year ended 12/31/98."
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Technical Analysis & Citations What It does, Why it works -
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CommentaryStart of Revenue Procedures Section Start of Private Letter Rulings
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Tax KillersThis is about Activity Based Taxplanning - maximizing deductions, minimizing cash outlay and maximizing the amount of cash retained and the net worth. Activity Based Taxplanning (ABT) is a methodology developed by Bob Parrish CPA, that assists people with the tax issues by focusing on the activity (or actions - events) that are being undertaken or contemplated (or have already taken place). The, research is compiled from the myriad of sources to help you complete the activity with the least tax cost, while maintaining compliance the tax laws, other laws and regulations and place yourself in a position to protect your objectives. Tax is a subject that many view in order to cut costs. Taxes are a cost just as any other cost. It happens this cost is somewhat intangible and is defined by legislation without a tangible item to view and control. The money is spent and the control of the expenditure is more appropriately administered by someone trained in the law.
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Cost Killers Management Info Sys, Cost Acctg, Activity Based Costing)This is about Activity Based Costing - methods to cut costs, management accounting, management information systems, decision support systems - in general about being a manager.
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Preparing for your CPA, attorney, or preparing to start your own What to gather -
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From Your Other Business, or Financial Records From Corporation Records or Organization Records (meetings, etc.) Start of Preparing For You CPA Section
Forms - checklists, time-line to do, etc. Assistance - What To Do -
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Financial Accounting: Bookkeeping & Financials
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Spreadsheets & Computations
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business_nol.htm
