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Idaho Free Printable Form 56, Net Operating Loss Carryforward Carryback and Instructions for 2021 Idaho Idaho Net Operating Loss

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Idaho Net Operating Loss
Form 56, Net Operating Loss Carryforward Carryback and Instructions

Form 56 Net Operating Loss Carryforward/Carryback Names as shown on return 1. Loss or absorption year ................ 2. Individuals, trusts, and estates enter Idaho adjusted income (loss); corporations enter Idaho taxable income (loss) ................... 3. Idaho NOL carryforward/carryback deducted on the return ................. 4. Net capital loss deducted on the federal return ................................ 5. Idaho capital gains deduction claimed on the return ................... 6. Idaho qualified business income deduction claimed on the return ... 7. Casualty losses on Idaho property included in itemized deductions ... 8. Idaho net operating loss ............... 9. Idaho absorption income .............. NOL Application year to year to to to to to to to to to NOL available for future years EFO00051 09-22-2020 Social Security number or EIN Form 56 — Instructions Net Operating Loss Carryforward/Carryback General Instructions A net operating loss (NOL) occurs when the amount of Idaho taxable income, after making modifications, is less than zero. Idaho calculates the Idaho NOL differently than the federal NOL, so you always must add back the NOL claimed on your federal income tax return. Idaho allows a deduction to individuals, C corporations, trusts, and estates. S corporations and partnerships aren’t allowed an NOL deduction. Instead, any losses pass through to the shareholders and partners. You can use an NOL by deducting it from your income in another year or years. Include Form 56 or your own schedule with the return for any year you carry the NOL to. Specific Instructions Calculation of Idaho NOL Complete lines 1 through 8 to compute and use your Idaho NOL. Corporations—skip lines 4 through 6. Trusts and estates—skip lines 5 and 6. Line 1. Starting with the earliest tax year, enter absorption years and the NOL year. An absorption year is the year you use the NOL to offset your income. An NOL year is the year you incurred a loss. Line 2. The calculation of the Idaho NOL starts with Idaho adjusted income. Enter the Idaho adjusted income (loss). Individuals: Full-year residents: ‚ For tax years 2011 through 2017, this is Form 40, line 11 ‚ For tax years 2018 through 2020, this is Form 40, line 12 Part-year and nonresidents: ‚ For tax years 2011 through 2017, this is Form 43, line 31, column b ‚ For tax years 2018 through 2020, this is Form 43, line 32, column b Trust and Estates: • Enter the Idaho taxable income (loss) before the exemption deduction. ‚ For tax years 2011 through 2019, this is Form 66, line 7 ‚ For tax year 2020, this is Form 66, line 10 plus line 9 EIN00022 09-22-2020 Corporations: • Enter the Idaho taxable income (loss) from Form 41. For tax years 2011 through 2020, this is line 37. Line 3. Add any Idaho NOL carryback/carryover deduction for losses from prior years. Enter the amount as a positive number. Individuals: Full-year residents: ‚ Form 39R, section B, line 1 Part-year and nonresidents: ‚ Form 39NR, section B, line 1 Trust and Estates: • Form 66, Schedule B, line 7 Corporations: • Form 41, line 36 Line 4. Add the net capital loss deduction claimed on the federal return. For example, a taxpayer reported a $4,000 capital gain and a $5,000 capital loss on federal Schedule D. The capital loss deduction included in Idaho adjusted income (loss) is $1,000. Enter the amount as a positive number. Individuals: • Federal Schedule D (Form 1040) Trust and Estates: • Federal Schedule D (Form 1041) Corporations: • Don’t enter anything on this line Line 5. Add any Idaho capital gains deduction claimed on your Idaho return. Enter the amount as a positive number. Individuals: Full-year residents: ‚ Form 39R, section B, line 10 Part-year and nonresidents: ‚ Form 39NR, section B, line 6 Corporations, Trusts and Estates: • Don’t enter anything on this line Line 6. Add any Idaho qualified business income deduction claimed on your Idaho return. Enter the amount as a positive number. Individuals: Full-year residents: ‚ Form 40, line 11 Page 1 of 2 Form 56 — Instructions (continued) You can carry back a maximum of $100,000 ($50,000 if you’re filing as married filing separately) of Idaho NOL. You must carry forward any Idaho NOL in excess of $100,000. Part-year and nonresidents: ‚ Form 43, line 31, column b Trust and Estates: ‚ Form 66, line 8 Application of an NOL (Example) Corporations: • Don’t enter anything on this line Line 7. Subtract any casualty losses on Idaho property included in itemized deductions on federal Schedule A. Enter the amount as a negative number. Losses resulting from Ponzi schemes are considered theft losses, not casualty losses. You must add back those amounts in determining the amount of an Idaho NOL. Individuals: • Federal Schedule A In this example, 2020 is the loss year. The loss amount is ($249,000) (shown on line 8). The taxpayer has Idaho absorption income of $73,500 in 2018 and $44,900 in 2019 (shown on line 9). $73,500 of the ($249,000) loss is used in 2018. Since the carryback is limited to $100,000, only $26,500 of the loss can be used in 2019. The remainder of the loss ($149,000) is available to be used in the next 20 years (NOL available for future years). 1. Loss or absorption year Corporations, Trusts and Estates: • Don’t enter anything on this line Line 8. Idaho net operating loss. Add lines 2 through 6, then subtract line 7 for loss years only. Enter the result here. For absorption years, skip line 8 and go to line 9. Line 9. Idaho absorption income. Add lines 2 through 6, then subtract line 7 for absorption years only. Enter the result here. Carryback/Carryover of Idaho NOL For a corporation with multiple entities operating in Idaho, each entity with Idaho activity can carryback $100,000 of NOL, up to the amount of Idaho taxable income per entity in the year carried back. 2. Individuals, trusts and estates enter Idaho adjusted income (loss); corporations enter Idaho taxable income (loss) ................................... 3. Idaho NOL carryforward or carryback deducted on the return ...................... 4. Net capital loss deducted on the federal return .................................... 5. Idaho capital gains deduction claimed on the return ........................ 6. Idaho qualified business ncome deduction claimed on the return ...... 7. Casualty losses on Idaho property included in itemized deductions ......... 8. Idaho net operating loss .................... 9. Idaho absorption income .................. NOL Application year to year For losses incurred after January 1, 2013, you only have one year from the end of the loss year to file an amended return carrying back the Idaho NOL. After that, you must carry the Idaho NOL forward. You can carry forward the remaining amount and apply it to the next 20 years until the NOL is fully absorbed. 2020 to 2018 2020 to 2019 2018 2019 2020 70,500 32,900 (257,000) 3,000 12,000 8,000 (249,000) 73,500 44,900 (73,500) 73,500 (26,500) 26,500 to to to to to to to For losses incurred after January 1, 2000, and before January 1, 2013, you must carry back the Idaho NOL and apply it to the prior two years. You can carry forward the remaining amount and apply it to the next 20 years until the NOL is fully absorbed. Contact us: In the Boise area: (208) 334-7660 | Toll free: (800) 972-7660 Hearing impaired (TDD) (800) 377-3529 tax.idaho.gov/contact EIN00022 09-22-2020  Page 2 of 2
Extracted from PDF file 2020-idaho-form-56.pdf, last modified July 2020

More about the Idaho FORM 56 Corporate Income Tax TY 2020

We last updated the Idaho Net Operating Loss in April 2021, so this is the latest version of FORM 56, fully updated for tax year 2020. You can download or print current or past-year PDFs of FORM 56 directly from TaxFormFinder. You can print other Idaho tax forms here.

Other Idaho Corporate Income Tax Forms:

TaxFormFinder has an additional 65 Idaho income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
FORM 41 Idaho Corporation Income Tax Return
FORM 66 Idaho Fiduciary Income Tax
FORM PTE-NROA Idaho Nonresident Owner Agreement
FORM 75 Fuels Use Report
FORM 75-NM Idaho Fuels Tax Refund Worksheet IFTA Nontaxable Miles Worksheet

Download all ID tax forms View all 66 Idaho Income Tax Forms


Form Sources:

Idaho usually releases forms for the current tax year between January and April. We last updated Idaho FORM 56 from the State Tax Commission in April 2021.

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About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Idaho FORM 56

We have a total of nine past-year versions of FORM 56 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:


2020 FORM 56

Form 56, Net Operating Loss Carryforward Carryback and Instructions

2019 FORM 56

Form 56, Net Operating Loss Carryforward / Carryback and Instructions


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