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IT NOL – Net Operating Loss
Rev. 11/15 Carryback Schedule

Check the box on the front of Ohio IT 1040 indicating that you are amending for a NOL and attach this form to the amended return.
If you are carrying back a NOL to more than one previous year, you should complete the Ohio IT 1040 for the earliest year ﬁ rst.
Taxpayer name Social Security number
1. Year in which the NOL occurred ....................................................................1.
2. Amount of NOL for the year in which the NOL occurred .............................................................................2.
3. Filing date of IRS form 1040 for the year in which the NOL occurred .............3.
4. IRS refund amount requested on IRS form 1045 or 1040X ..........................4.
5. Date the IRS approved the refund request....................................................5.
Have you completed this schedule for an earlier taxable year for the NOL set forth above?
Yes. Stop, you do not have to complete this schedule, but attach the schedule you did complete.
No. You must complete the remainder of the NOL schedule.
6. Depreciation add-back, if any, from Ohio IT 1040, Schedule A for the year in which the NOL occurred .....6.
7. NOL eligible for carryback for Ohio income tax purposes (line 2 minus line 6). If you are eligible for
the ﬁ ve-year carryback period, proceed to line 8 ........................................................................................7.
If you are claiming a ﬁ ve-year carryback period for federal income tax purposes, begin with line 8. If you are claiming a four-year
carryback period for federal income tax purposes, leave line 8 blank, enter -0- on line 9 and complete the remaining lines. If you
are claiming a three-year carryback period for federal income tax purposes, leave lines 8 and 11 blank, enter -0- on lines 9 and
12 and complete the remaining lines. If you are claiming a two-year carryback period for federal income tax purposes, leave lines
8, 11 and 14 blank, enter -0- on lines 9, 12 and 15 and complete the remaining lines.
Lines 8 through 15 are for use only by taxpayers who qualify for the ﬁ ve-year NOL carryback for federal income tax purposes.
8. Ending date for ﬁ fth preceding taxable year ..................................................8.
9. Modiﬁ ed taxable income from line 9 of Schedule B of IRS form 1045 for ﬁ fth preceding year ...................9.
10. NOL carryback to fourth preceding taxable year. Line 7 minus line 9. If less than zero, enter -0- ............10.
11. Ending date for fourth preceding taxable year ............................................ 11.
12. Modiﬁ ed taxable income from line 9 of Schedule B of IRS form 1045 for fourth preceding year ..............12.
13. NOL carryback to third preceding taxable year. Line 10 minus line 12. If less than zero, enter -0- ..........13.
14. Ending date for third preceding taxable year...............................................14.
15. Modiﬁ ed taxable income from line 9 of Schedule B of IRS form 1045 for third preceding year ................15.
16. NOL carryback to second preceding taxable year. Line 13 minus line 15. If less than zero, enter -0- ......16.

17. Ending date for second preceding taxable year ..........................................17.
18. Modiﬁ ed taxable income from line 9 of Schedule B of IRS form 1045 for second preceding year ...........18.
19. NOL carryback to ﬁ rst preceding taxable year. Line 16 minus line 18. If less than zero, enter -0- ...........19.
20. Ending date for ﬁ rst preceding taxable year ................................................20.
21. Modiﬁ ed taxable income from line 9 of Schedule B of IRS form 1045 for ﬁ rst preceding year .................21.
22. NOL carryover to the immediately following taxable year. Line 19 minus line 21. If less than zero,
enter -0-.....................................................................................................................................................22.
Note: If the only change to your federal adjusted gross income (Ohio IT 1040, line 1) is due to the NOL carryback, the difference between
the line 1 amounts on the original and amended returns will be the lesser of line 7 above, or the federal modiﬁ ed taxable income on IRS
form 1045 for the earliest taxable year for which you entered information above.

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IT NOL
IT NOL Instructions Rev. 11/15
Net Operating Losses (NOL) Ohio Legislation Affects Depreciation Deductions for Taxable Years
Be sure to complete and attach Ohio IT NOL, Net Operating Loss Ending in 2001 and Thereafter" at tax.ohio.gov.
Carryback Schedule shown on page 1 and check the box on the
front of the IT 1040 indicating that you are amending for a NOL. Example 1: In 2008 Maria reported $800,000 in federal adjusted
gross income. Maria’s 2008 federal return as ﬁ led reﬂ ected $350,000
Your NOL carryback deduction on the Ohio amended income tax in itemized deductions and personal exemption amounts. Maria’s
return is limited by the following: 2008 federal modiﬁ ed taxable income was $450,000. In 2010 Maria
incurred a federal NOL of $1 million including an I.R.C. section
 the amount of your federal itemized deductions and personal 168(k) bonus depreciation amount of $300,000. Maria must ﬁ rst
exemption amounts allowed in the carryback year; AND reduce the federal NOL carryback/carryforward by $250,000 (5/6 of
 the depreciation adjustment discussed below. the $300,000 bonus depreciation). The NOL carryback/carryforward
is $750,000. The deduction on the year 2008 Ohio amended income
Itemized Deductions and Exemptions: Your federal adjusted
tax return for the NOL carryback from taxable year 2010 is limited
gross income, after application of the allowed net operating loss car-
to $450,000 (the amount of the year 2008 federal modiﬁ ed taxable
ryback amount, will not be zero dollars if you claimed any itemized
income). Maria can use the remaining $300,000 of the year 2010
deductions or exemptions on your federal income tax return. For
NOL carryback/carryforward for taxable years 2009 and later.
more information, please see our Aug. 12, 2002 information release
entitled "Personal Income Tax Information Release: Net Operating Example 2: In 2013, Maria is a sole proprietor who is an employer.
Loss Carryback Five-Year Rule" at tax.ohio.gov. She reported $800,000 in federal adjusted gross income. Maria’s

Depreciation Adjustment: If the federal NOL carryback/ 2013 federal return as filed reflected $350,000 in itemized
carryforward reﬂ ects either Internal Revenue Code (I.R.C.) section deductions and personal exemption amounts. Maria’s 2013 federal
168(k) bonus depreciation or I.R.C. section 179 expensing, then you modiﬁ ed taxable income was $450,000. In 2015, Maria incurred a
must reduce the federal net operating loss carryback/carryforward federal NOL of $1 million including an I.R.C. section 168(k) bonus
amount by both of the following: depreciation amount of $300,000. In that same year, Maria increased
her employer income tax withholding by 10% from the previous year.
 adjustment for the I.R.C. section 168(k) bonus depreciation; AND Maria must ﬁ rst reduce the federal NOL carryback/carryforward
 adjustment for the excess of the I.R.C. section 179 amount over by $200,000 (2/3 of the $300,000 bonus depreciation). The NOL
the amount that would have been allowed based upon I.R.C. carryback/carryforward is $800,000. The deduction on the year
section 179 in effect on Dec. 31, 2002 2013 Ohio amended income tax return for the NOL carryback from
taxable year 2015 is limited to $450,000 (the amount of the year
For more information, please see Ohio Revised Code section 2013 federal modiﬁ ed taxable income). Maria can use the remaining
5747.01(A)(20) as amended by the 129th General Assembly in $350,000 of the year 2015 NOL carryback/carryforward for taxable
HB 365 and our information release entitled "Recently Enacted years 2014 and later.

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