Prior year Net Operating Loss (NOL) amounts are entered on the Net Operating Loss Worksheet. To access the worksheet Net Operating Loss Worksheet:
Use the appropriate line based on the year the net operating loss originated. Enter each year’s original NOL calculated on the tax return. Enter the carryback/carryforward used amount in the year line for which the NOL occurred. The NOL deduction allowed in the current year will be entered on Form 1120, Line 29a.
Please note that the NOL worksheet is NOT used to track the use of a single loss throughout a period of years, but is used to track the amount of loss available from a prior year that can be used on the current return.
Form 1139 – Corporation Application for Tentative Refund is used to apply for a refund from the carryback of a net operating loss. To access Form 1139: