PDF document

- 1 -

Schedule Indiana Department of Revenue Enclosure
NOL-MODCurrent Sequence No. 12 Year Net Operating Loss
State Form 57441
(9-24) Modification Information

Loss Year Ending
Federal Employer Identification Number or
Name of Taxpayer Social Security Number

PartRound1all–entries Required Federal Modifications for NOLs

1. Enter the modification code and amount (see instructions) ___________ Code No. 1 .00

2. Enter the modification code and amount (see instructions) ___________ Code No. 2 .00

3. Enter the modification code and amount (see instructions) ___________ Code No. 3 .00

4. Enter the modification code and amount (see instructions) ___________ Code No. 4 .00

5. Enter the modification code and amount (see instructions) ___________ Code No. 5 .00

6. Enter the total of lines 1 through 5. For IT-40, IT-40PNR, and IT-41, skip line 7 and enter
this amount on line 8. Also enter this on IT-20NOL, line 3, if applicable (see instructions) _______ 6 .00

7. For FIT-20, IT-20, and IT-20NP only, enter your Indiana apportionment percentage ___________ 7 . %

8. Enter line 6 times line 7. Also include this on IT-40NOL, line 3, if applicable _________________ 8 .00

Part 2 – Separately Stated Net Operating Losses

9. Enter the code for the specified loss _____________________________ Code No.

Enter this as a negative number. Also enter this number on IT-40NOL, line 5, if applicable 9 .00

10. Enter the modification code ____________________________________ Code No.

Enter Indiana modifications for the loss on line 9. See instructions. _______________________ 10 .00

11. Enter the sum of line 9 and line 10. For IT-40/IT-40PNR/IT-41, skip line 12 and
enter this amount on line 13 ______________________________________________________ 11 .00

12. For FIT-20, IT-20, and IT-20NP only, enter your Indiana apportionment percentage ___________ 12 . %

13. Enter line 11 times line 12. Also include this on IT-20NOL, line 10, if applicable ______________ 13 .00

14. Enter as a negative number any Indiana NOL from current year trust/estate termination _______ 14 .00

a. Year Federal Employer Identification Number

b. Year Federal Employer Identification Number

15. Enter the amount from line 14 claimed in the current year as a negative number _____________ 15 .00

16. Enter line 14 minus line 15. Enter this number on IT-40NOL, line 5, and as part of IT-20NOL,
line 10, whichever is applicable ___________________________________________________ 16 .00

*18224111694*
18224111694

- 2 -

Enlarge image

Part 3 – Discharged Indebtedness Excluded from Federal Gross Income

17. Enter the three-digit code for the discharged indebtedness and amount _ Code No. 17 .00

18. Enter the three-digit code for the portion of discharged indebtedness applied
to other federal attributes and amount as a negative number _________ Code No. 18 .00

19. Enter the three-digit code for the portion of discharged indebtedness applied
to other federal attributes and amount as a negative number _________ Code No. 19 .00

20. Enter the sum of lines 17 through 19. For IT-40/IT-40PNR/IT-41, skip line 21 and enter
this amount on line 22. __________________________________________________________ 20 .00

21. For FIT-20, IT-20, and IT-20NP only, enter your Indiana apportionment percentage ___________ 21 . %

22. Enter line 20 times line 21. See instructions for reporting on your tax return _________________ 22 .00
23. For FIT-20 and IT-20NP filers only, enter the amount from line 22 not used to
reduce net operating losses ______________________________________________________ 23 .00

Part 4 – Removal of Net Operating Losses (NOL) From Consolidated or Combined Group, or Upon Estate or Trust Termination.
Federal TIN of Entity Amount of
Year of NOL
(seeNOLinstructions)Removed

Part 5 – Termination of Net Operating Loss (NOL)
Federal TIN of Entity First Reporting Amount of
First NOL Year
(seeYearNOLinstructions)Terminated

*18224121694*
18224121694

- 3 -

Enlarge image

Instructions for Schedule NOL-MOD, Current Year Net Operating Loss
Modification Information
Schedule NOL-MOD is to be completed for the year in which you Code 410 – For estates and trusts, enter the amount to report
have: your exemption for federal income tax purposes ($100 for
• A negative Indiana adjusted gross income after modifications complex trusts, $300 for simple trusts, $600 for estates).
required under IC 6-3-1-3.5.
• An excess business loss, nonprofit separate line loss not Code 411 – For individuals, estates, and trusts, if you:
reported as part of taxable income, or a net operating loss not • Have a federal capital loss in excess of your federal capital
reported as a result of excess inclusion income. gains, and
• A dividend not deductible for the federal dividends received • You deducted all or part of that capital loss in excess of your
deduction and would result in an Indiana net operating loss federal capital gains against your ordinary adjusted gross
for a corporation subject to adjusted gross income tax if the income,
federal limitation under IRC section 246(b) did not apply. enter the amount of capital loss in excess of capital gains
• Acquired a net operating loss as a result of a termination of deducted against your ordinary adjusted gross income. For
an estate or trust. nonresident individuals, enter only the excess deducted against
• Excluded indebtedness discharge that reduces Indiana net your Indiana adjusted gross income.
operating losses.
• A corporation that is removed from a consolidated or combined Code 412 – For resident individuals, estates, and trusts, enter
group and has an Indiana net operating loss available to it. the amount of capital gains excluded under IRC Section 1202.
• An estate or trust that terminates and passes an Indiana net For part-year residents, residency is determined at the time of the
operating loss to its beneficiaries. otherwise taxable transaction.
• A corporation that is no longer permitted to carry forward
a net operating loss under IRC Section 382 continuity of Code 413 – For individuals, estates, and trusts, enter the amount
business requirements. of nonbusiness deductions in excess of nonbusiness income
• A net operating loss from an estate or trust that terminates and allowable against Indiana adjusted gross income. Use IRS
less than 20 years (15 for financial institutions tax) after you Publication 536, Worksheet 1, line 6, or IRS Form 172, line 6 for
acquire the net operating loss, determination of this amount. If your nonbusiness deductions
include your federal standard deduction or nonbusiness itemized
Complete this schedule in conjunction with your Indiana tax return deductions, reduce the amount of nonbusiness deductions in
and also report any required information as provided in Schedule excess of nonbusiness income by the standard deduction or
IT-20NOL, Schedule IT-40NOL, or Schedule FIT-20NOL. nonbusiness itemized deductions, but not less than zero.

For corporations filing a Form FIT-20, also see special instructions Code 414 – For real estate investment trusts filing an adjusted
in the Form FIT-20 booklet. gross income tax return or financial institutions tax return, report
any dividends paid deduction as a positive number. Also include
Part 1 any other modifications required for purposes of determining a
federal net operating loss, either as a positive number (reducing
Complete this section only if: net operating losses) or as a negative number (increasing net
• You have a negative Indiana adjusted gross income or operating losses). Do not use this code if you are a captive REIT
• You are a C corporation subject to adjusted gross income tax that has added back its dividends paid deduction in determining
that: its adjusted gross income.
ο has positive federal taxable income but
ο would have a net operating loss if your dividend Code 415 – For specified agricultural or horticultural cooperatives
deduction was not limited by IRC section 246(b). filing an adjusted gross income tax return as a corporation or
financial institution, enter the qualified business income deduction
Complete this section if you have certain deductions or other under IRC Section 199A. For estates and trusts, you are not
attributes that are not part of your federal adjusted gross income required use this code if you reported an add-back for the
(for individuals) or federal taxable income (for all other entities). qualified business income deduction on Form IT-41.
Enter the three-digit codes provided below and the dollar amounts
associated for each adjustment. Unless specified otherwise, Code 416 – If you are a corporation claiming a federal deduction
enter all dollar amounts as a positive number. If you are filing this under IRC Section 250 with regard to foreign derived intangible
schedule on paper and have more than five adjustments, enter income (FDII), enter the amount claimed as a deduction. Do not
any additional adjustments on a separate sheet and enter the sum enter any amounts reported as a deduction under IRC Section
of all adjustments on line 6. 250 with regard to global intangible low-taxed income.

Lines 1 through 5. Enter the following codes as applicable. For
corporations, enter the amounts before apportionment. If you have
no adjustments to your net operating loss, leave these lines blank
and skip to Part 2.

- 4 -

Enlarge image

Code 417 – For a corporation filing an IT-20 or IT-20NP, enter the Line 8. Enter line 6 multiplied by line 7, if applicable. This is the
amount claimed as a deduction with regard to global intangible amount by which your current-year Indiana net operating loss is
low-taxed income (GILTI). Only enter an amount if you filed a reduced (if positive) or increased (if negative). However, in no case
Form IT-20 or Form IT-20NP and did not enter a positive amount will your Indiana net operating loss be reduced to less than zero.
of GILTI deduction using Code 143 or Code 146.
Part 2
Code 418 – If you are filing a Form IT-20NP, enter the amount
equal to the specific exemption (generally $1,000). Complete this section only if one or more of the following apply to
you for the current tax year:
Code 419 – If you are a corporation filing a Form IT-20 and: • You are an individual, estate, or trust with an excess business
• You reported your dividends received deduction on Form loss reported on IRS Form 461.
IT-20, line 2 using the federal limitation under IRC Section • You are a nonprofit corporation or trust that has a loss from a
246(b), but trade or business that is not directly reported on the current-
• Would have been eligible for a greater dividends received year IT-20NP or IT-41.
deduction if not subject to limitations under IRC Section • You have a net operating loss that does not appear directly
246(b), and on the current-year return as a result of having excess
• Would have had an Indiana net operating loss if the IRC inclusion income under IRC Section 860E.
section 246(b) limitation was disregarded, • You have a net operating loss that you are permitted to claim
enter as a negative amount the additional amount of the for the first time as the result of the termination of an estate
dividends-received deduction that would have been permitted for or trust.
the taxable year if IRC section 246(b)(2) applied. Enter only the
difference between the permitted dividends-received deduction Line 9. Enter the three-digit code and dollar amount associated
for federal net operating loss purposes and the actual dividends with the type of net operating loss for the current year. If you
received deduction reported. have multiple types of net operating losses, complete a separate
computation for the additional types of net operating losses. For
Code 420 – For estates and trusts, enter the amount of your net operating losses arising from the termination of an estate or
federal deduction for charitable contributions. trust, go to line 14.

Code 421 – For estates and trusts, enter the amount of your Code 401 – Enter the federal excess business loss for the current
distribution deduction for federal purposes. If you are a nonresident year from IRS Form 461 as a negative number. For nonresidents,
estate or trust, enter only the amount attributable to Indiana. enter only the portion of the excess business loss.

Code 422 – For a corporation filing a financial institutions tax Code 402 – Enter any federal loss not permitted to be deducted in
return that: the current year as a result of the separate business loss limitations.
• Has negative Indiana adjusted gross income, and Enter this amount as a negative number. If you have losses from
• Does not have a federal net operating loss, multiple businesses, enter the aggregate of all such losses.
enter the amount necessary to reduce the net operating loss for
the current year to zero. Code 403 – Enter any federal net operating loss not reflected on
your tax return as a result of the requirement that federal taxable
Code 423 – For regulated investment companies that have negative income cannot be less than excess inclusion income under IRC
Indiana adjusted gross income, enter the amount necessary to Section 860E. For an individual, do not include the portion of
reduce the net operating loss for the current year to zero. federal net operating loss resulting from your standard deduction
or itemized deductions.
Line 6. Enter the sum of lines 1 through 5. If you are filing an IT-
40, IT-40PNR, or IT-41, skip line 7 and enter this amount on line If you are filing Schedule IT-40NOL for this year, also enter the
8. If completing Schedule IT-40NOL for this year, also enter this amount from this line on line 5 of Schedule IT-40NOL.
amount on line 3 of Schedule IT-40NOL. If completing Schedule IT-
20NOL for this year, also enter this amount on line 3 of Schedule Line 10. Enter the three-digit adjusted gross income tax
IT-20NOL. If completing Schedule FIT-20NOL for this year, modifications and dollar amounts associated with the three-digit
increase the current-year AGI (or loss) on that schedule by this codes listed on line 9. If the amount is reported as a negative
amount if you reported a negative AGI, but not in excess of zero. number on your tax return, enter the amount as a positive number
on line 10. Enter Code 151 if you entered Code 401 on line 9,
Line 7. If you are filing a Form IT-20, IT-20NP, or FIT-20, enter Code 152 if you entered Code 402, and Code 153 if you entered
your apportionment percentage from that form as a number and Code 403. If you have multiple types of net operating losses,
rounded to two decimal places (e.g., 98.76%). If you do not enter complete a separate computation for the additional types of net
an apportionment percentage on your form, your apportionment operating losses. The amount reported on line 10 (as a positive
will be treated as 100%. number) plus the amount reported on line 9 (as a negative
number) must be equal to or less than zero.

- 5 -

Enlarge image

If you are filing Schedule IT-40NOL for this year, also enter the • Qualified real property indebtedness, unless one of the
amount from this line on line 6 of Schedule IT-40NOL. categories above takes precedence,
• Qualified principal residence indebtedness, unless one of the
Line 11. Enter the sum of lines 9 and 10. If you are filing Form IT-40, categories above takes precedence or the taxpayer elects to
IT-40PNR, or IT-41, skip line 12 and enter this amount on line 13. apply the exclusion for insolvency to the indebtedness, or
• Discharged student loans unless the discharge occurs in a
If you are filing Form FIT-20, enter this amount on line 1 of Title 11 bankruptcy.
Schedule FIT-20NOL as a current-year loss. However, if line 1 of
Schedule FIT-20NOL is positive prior to consideration of this line, Line 17. Enter the three-digit code for the category of
enter only this amount on line 1 of Schedule FIT-20NOL. indebtedness and the amount of indebtedness discharged and
excluded from gross income. Include a separate sheet if you
Line 12. If you are filing a Form IT-20, IT-20NP, or FIT-20, enter have multiple categories of indebtedness. If you have multiple
your apportionment percentage from that form as a number and discharges of indebtedness, include all amounts in aggregate
rounded to two decimal places (e.g., 98.76%). If you do not enter within the reporting for the three-digit code:
an apportionment percentage on your form, your apportionment
will be treated as 100%. Code 430 – Indebtedness discharged in a Title 11 bankruptcy and
excluded from federal gross income.
Line 13. Enter line 11 multiplied by line 12 if applicable. The
amount on this line is a current-year net operating loss. If you are Code 431 – Indebtedness discharged while the taxpayer is
filing Schedule IT-20NOL for this year, include this amount on line insolvent and excluded from federal gross income.
10 of Schedule IT-20NOL.
Code 432 – Discharge of qualified farm indebtedness.
Line 14. If you:
• Have a net operating loss that arises from the termination of Lines 18 and 19. If a portion of the discharge of indebtedness
an estate or trust, and under Codes 430, 431, or 432 above was applied to certain
• You are first entitled to claim that net operating loss in the tax attributes, list the three-digit code for each category of
current year, indebtedness and the dollar amount applied to each category
enter the net operating loss on line 14 as a negative number. Enter of indebtedness for federal purposes as a negative number. If
the year in which the estate or trust incurred the net operating loss multiple applications to a category of indebtedness apply, list the
and the FEIN of the estate or trust. If an estate or trust has multiple code once and include the aggregate of the dollar amounts. If
loss years, enter the year for each loss separately. Do not enter any discharged indebtedness is applied to more than two categories,
net operating losses that are no longer available for carryforward for list the additional categories on a separate sheet.
the beneficiary. Attach multiple sheets if necessary.
Code 433 – Amount applied to basis under an election pursuant
Line 15. If you deducted any portion of the amount on line 14 in to IRC Section 108(b)(5).
the current taxable year, enter the amount deducted on line 15 as
a negative number. Code 434 – Amount applied to reduce federal capital losses in the
year of discharge and federal capital loss carryovers to the year of
Line 16. Enter line 14 minus line 15. Also enter this amount discharge.
on Schedule IT-40NOL, line 5, Schedule IT-20NOL, line 10, or
Schedule FIT-20NOL, line 3, whichever is applicable, as a loss for Code 435 – Amount applied to basis of property under IRC
the year of termination. However, the ability to carry forward this Section 108(b)(2)(E). Do not include amounts applied to basis
loss will be determined based on the year in which the estate or under IRC Section 108(b)(5) or 108(c)(1).
trust incurred the loss.
Code 436 – Amount applied to reduce passive loss and passive
Part 3 credit carryovers from the year of discharge. For purposes of the
amount applied to passive credit carryovers, multiply the federal
Complete this part if: credit reduction by 3.
• You have a discharge of indebtedness excluded from your
gross income, and Line 20. Enter the sum of lines 17 through 19. If you are filing
• You have a current-year net operating loss or a net operating Form IT-40, IT-40PNR, or IT-41, skip line 21 and enter this amount
loss carryover, and on line 22.
• Any of the following apply to the discharge of indebtedness:
ο the discharge occurs in a Title 11 bankruptcy, Line 21. If you are filing a Form IT-20, IT-20NP, or FIT-20, enter
ο the discharge occurs while the taxpayer is insolvent, or your apportionment percentage from that form as a number and
ο the discharge is of qualified farm indebtedness. rounded to two decimal places (e.g., 98.76%). If you do not enter
an apportionment percentage on your form, your apportionment
If a discharge falls within multiple categories within IRC Section will be treated as 100%.
108, the order of precedence set by IRC Section 108 controls. Do
not include the following:

- 6 -

Enlarge image

Line 22. Enter line 20 multiplied by line 21, if applicable. For filers Part 5
of Forms IT-40, IT-40PNR, IT-41, and IT-20, this amount shall be
applied as follows: List any net operating losses that are no longer available to you
• First, this will be applied to reduce your current-year as the result of:
Indiana net operating loss. This includes losses in part 2, if • An acquired net operating loss that is no longer available
applicable. to you as the result of the loss company no longer meeting
• Second, if your current-year net operating loss is reduced to continuity of business requirements.
zero, any remaining amounts will be applied to reduce your • A net operating loss that you received from the termination of
Indiana net operating loss carryovers in the order in which an estate or trust that has expired.
they were incurred, from oldest to newest. This application
will occur after any Indiana NOL deduction otherwise List the following information:
permitted is deducted from Indiana adjusted gross income. • The FEIN of the entity that incurred the loss.
• The year in which the loss was incurred.
Line 23. If you are filing a financial institutions tax return on a • The year in which the loss first became available to you as a
combined basis, have discharged indebtedness attributed to a deduction, even if the loss was not deducted.
corporation that entirely uses up one or more corporation’s net • The amount of net operating loss that is no longer available.
operating losses available, and have one or more corporations
that have remaining net operating losses after application of
discharged indebtedness, enter the amount of discharged
indebtedness from line 22 NOT applied to net operating loss
carryforwards net operating losses.

For FIT-20 filers, the amount on line 22 is to be first treated as it
is current-year Indiana income up to the amount of current-year
Indiana net operating losses. Any amounts from line 22 remaining
after reduction of current-year Indiana net operating losses shall
be treated as if the amount was income for purposes of applying
net operating losses. Any amount on line 22 not applied to reduce
current-year net operating losses or net operating loss carryovers
shall be reported on line 23.

For IT-20NP filers, report the amount of discharge not applied to
reduce net operating losses.

Part 4

Use this part to report:
• Net operating losses from a corporation that was part of a
consolidated or combined Form IT-20 and that are no longer
available to the consolidated or combined group.
• Losses that are transferred as a result of an estate or trust
termination.

List the following information:
• The FEIN of Entity, Social Security Number, or Individual
Taxpayer Identification Number of the recipient of the net
operating loss.
• The year in which the loss was incurred.
• The amount of loss for that year transferred to the recipient of
the net operating loss.

Report each recipient and loss year on a separate line.

PDF file checksum: 829169341

(Plugin #1/10.13/13.0)