Article: 50343
Overview
The KNOL – Net Operating Loss Schedule screen is used to calculate Kentucky-specific net operating loss (NOL) amounts, based on income, deductions, gains, and losses.
This screen allows separate entries for each spouse if Filing Status 2 (married filing separately on a combined return) is selected. All fields default to federal carryover values, but green override fields can be used to enter Kentucky-specific values.
The following categories are supported on this screen:
- Kentucky adjusted gross income
- Deductions
- Nonbusiness capital losses and gains
- Nonbusiness deductions and income
- Business capital losses and gains
- Other losses from Schedule D (Line 17)
- Section 1202 exclusion
- Other loss from Schedule D (Line 18)
Override (green) fields should be used only if the Kentucky value differs from the federal.
How to Add Screen KNOL
- Go to the State taxes section.
- Select I’d like to see the forms I’ve filled out or search for a form.
- In the drop list, select Kentucky.
- Select the Other tab.
- Select KNOL – Net Operating Loss Schedule to add and open the form.
- Complete the screen.
- Click Save to apply changes.
Further Information
For more details, visit the Kentucky Department of Revenue – Individual Income Tax page:
https://revenue.ky.gov/Individual/Individual-Income-Tax/Pages/default.aspx