Net Operating Loss Carryback/Carryover

If you run a business as a sole proprietorship and have an operating loss, you can normally deduct this loss from your other sources of income. If your business loss is large enough to wipe out all other income sources, it is called a Net Operating Loss (NOL). If you have a NOL you can carry this loss to another year and use it as a deduction to reduce that year's taxable income. This calculator helps you calculate your NOL deduction and any remaining NOL that you may carry to another year.

Definitions

Year in which the NOL occurred Year in which you had a Net Operating Loss (NOL). Year to which the NOL is being carried (Carried Year) The year you wish to use the NOL to reduce your taxable income. Filing Status Filing status for the Carried Year. Used to calculate your standard deduction for that year. Taxpayer 65 and/or blind Select whether you were over 65, blind or both in the Carried Year. Used to calculate your standard deduction for the Carried Year. Spouse 65 and/or blind Select whether your spouse was over 65, blind or both in the Carried Year. Used to calculate your standard deduction for the Carried Year. Other NOL Carryovers for the Carried Year Any other NOL Carryovers for the Carried Year. Other NOL Carrybacks for the Carried Year Any other NOL Carrybacks for the Carried Year. Amount of NOL to apply to the Carried Year Amount of the NOL to apply against your income for the Carried Year. Carried Year AGI per return or as adjusted Your Adjusted Gross Income (AGI) for the Carried Year. This is either your AGI from your tax return for that year, or the resulting AGI, as adjusted, if any adjustments were made after you filed. Carried Year capital loss Any capital loss in the Carried Year. Carried Year modifications to AGI Any modifications to the AGI for the Carried Year. Carried Year direct charitable contributions Any direct charitable contributions. Please note that this is no longer applicable beyond 1996. Total medical expenses for Carried Year Total medical expenses you reported on your Schedule A for the Carried Year. Total charitable contributions for Carried Year Total charitable contributions you reported on your Schedule A for the Carried Year. Total casualty losses for Carried Year Total casualty losses you reported on your Schedule A for the carried year. Total misc. deductions subject to 2% limit for Carried Year Total misc. deductions subject to 2% limit you reported on your Schedule A for the carried year. Total deductions exempt from high income phaseout for Carried Year Any other Schedule A deductions that were exempt from the income phaseout for itemized deductions. Total remaining itemized deductions for Carried Year Any other itemized deductions on your Schedule A that were not included in the totals above.