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Idaho Idaho Net Operating Loss
Extracted from PDF file 2023-idaho-form-56.pdf, last modified September 2023Idaho Net Operating Loss
Form 56 Net Operating Loss Schedule 2023 Names as shown on return Loss or Absorption Year Social Security number or EIN 2001 2002 2003 2004 2005 2006 2007 2008 1. Idaho adjusted income per return ................ 2. Idaho net operating loss carryforward/ carryback. Enter as positive ......................... 3. Net capital loss. Enter as positive .................. 4. Idaho capital gains deduction. Enter as positive ......................................................... 5. Idaho qualified business income deduction. Enter as positive. (For years beginning in 2019.) ........................................................... 6. Casualty losses on Idaho property included in itemized deductions. Enter as negative .... 7. Idaho net operating loss. Add lines 1 through 6 ...................................................... 8. Idaho absorption income. Add lines 1 through 6 ...................................................... EFO00051 09-18-2023 Page 1 of 3 Form 56 Names as shown on return Loss or Absorption Year 2023 (continued) Social Security number or EIN 2009 2010 2011 2012 2013 2014 2015 2016 1. Idaho adjusted income per return ................ 2. Idaho net operating loss carryforward/ carryback. Enter as positive ......................... 3. Net capital loss. Enter as positive .................. 4. Idaho capital gains deduction. Enter as positive ......................................................... 5. Idaho qualified business income deduction. Enter as positive. (For years beginning in 2019.) ........................................................... 6. Casualty losses on Idaho property included in itemized deductions. Enter as negative .... 7. Idaho net operating loss. Add lines 1 through 6 ...................................................... 8. Idaho absorption income. Add lines 1 through 6 ...................................................... EFO00051 09-18-2023 Page 2 of 3 Form 56 Names as shown on return Loss or Absorption Year 2023 (continued) Social Security number or EIN 2017 2018 2019 2020 2021 2022 2023 1. Idaho adjusted income per return ................ 2. Idaho net operating loss carryforward/ carryback. Enter as positive ......................... 3. Net capital loss. Enter as positive .................. 4. Idaho capital gains deduction. Enter as positive ......................................................... 5. Idaho qualified business income deduction. Enter as positive. (For years beginning in 2019.) ........................................................... 6. Casualty losses on Idaho property included in itemized deductions. Enter as negative .... 7. Idaho net operating loss. Add lines 1 through 6 ...................................................... 8. Idaho absorption income. Add lines 1 through 6 ...................................................... EFO00051 09-18-2023 Page 3 of 3 Form 56 — Instructions Net Operating Loss Schedule 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. A net operating loss calculated by an affected business entity (ABE) may not be passed through to its member, but may be carried forward as an Idaho net operating loss to succeeding taxable years for which the ABE elects to be subject to tax as an ABE. If the ABE does not make an ABE election in any succeeding taxable year, the unused Idaho net operating loss will flow through to the members. Include Form 56 or your own schedule with the return for any year you compute an NOL. Also, include Form 56A showing the NOL carryforward/ carryback calculation, if applicable. Specific Instructions Calculation of Idaho NOL Complete lines 1 through 8 to compute and use your Idaho NOL. Corporations—skip lines 3 through 5. Trusts, estates, and ABEs—skip lines 4 and 5. 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 1. The calculation of the Idaho NOL starts with Idaho adjusted income. Enter the Idaho adjusted income (loss). Individuals: Full-year residents: For tax years 2001 through 2009, this is Form 40, line 13 For tax years 2010 through 2017, and 2021 through 2023, this is Form 40, line 11 EIN00022 09-18-2023 2023 For tax years 2018 through 2020, this is Form 40, line 12 Part-year and nonresidents: For tax years 2001 through 2008, this is Form 43, line 34, column b For tax year 2009, this is Form 43, line 33, column b For tax years 2010 through 2017, and 2021 through 2023, this is Form 43, line 31, column b For tax years 2018 through 2020, this is Form 43, line 32, column b Trusts and Estates: • Enter the Idaho taxable income (loss) before the exemption deduction. For tax year 2001, this is Form 66, line 12 For tax years 2002 through 2019, this is Form 66, line 7 For tax years 2020 through 2023, this is Form 66, line 7 minus line 8 ABEs: • For tax years 2021 through 2023, this is Form 41S, line 43 or Form 65, line 41. Corporations: • Enter the Idaho taxable income (loss) from Form 41. For tax years 2001 through 2003, this is Form 41, line 35 For tax years 2004 through 2023, this is line 37. Line 2. 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 Trusts and Estates: • For tax year 2001, this is line 7 • For tax years 2002 and 2003, this is Schedule B, line 6 • For tax years 2004 through 2006, this is Schedule B, line 7 Page 1 of 2 Form 56 — Instructions 2023 (continued) Individuals: • For tax years 2007 through 2010, this is Schedule B, line 6 Full-year residents: • For tax years 2011 through 2020, this is Schedule B, line 7 For tax years 2019 and 2020, this is Form 40, line 11 • For tax years 2021 through 2023, this is Schedule A, line 11 For tax years 2021 through 2023, this is Form 40, line 18 ABEs: Part-year and nonresidents: • For tax years 2022 and 2023, this is Form 41S, line 40 or Form 65, line 38. For tax years 2019 and 2020, this is Form 43, line 31 For tax years 2021 through 2023, this is Form 43, line 40 Corporations: • For tax years 2001 through 2003, this is Form 41, line 34 Trusts and Estates: Form 66, line 8 • For tax years 2004 through 2023, this is Form 41, line 36 Corporations and ABEs: Line 3. 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) • Don’t enter anything on this line Line 6. 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: Trusts, Estates, and ABEs: • Federal Schedule D (Forms 1041, 1041S, or 1065) Corporations: • Don’t enter anything on this line Line 4. 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 • Federal Schedule A Corporations, Trusts, Estates, and ABEs: • Don’t enter anything on this line Line 7. Idaho net operating loss. Add lines 1 through 5, then subtract line 6 for loss years only. Enter the result here. For absorption years, skip line 7 and go to line 8. Line 8. Idaho absorption income. Add lines 1 through 5, then subtract line 6 for absorption years only. Enter the result here. See Idaho Form 56A to compute the Idaho NOL carryback/carryover. Part-year and nonresidents: Form 39NR, section B, line 6 Corporations, Trusts, Estates, and ABEs: • Don’t enter anything on this line Line 5. Add any Idaho qualified business income deduction claimed on your Idaho return. Enter the amount as a positive number. 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 09-18-2023 Page 2 of 2
Form 56, Net Operating Loss Schedule and Instructions 2023
More about the Idaho FORM 56 Corporate Income Tax TY 2023
We last updated the Idaho Net Operating Loss in February 2024, so this is the latest version of FORM 56, fully updated for tax year 2023. You can download or print current or past-year PDFs of FORM 56 directly from TaxFormFinder. You can print other Idaho tax forms here.
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TaxFormFinder has an additional 65 Idaho income tax forms that you may need, plus all federal income tax forms.
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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 February 2024.
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 twelve 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:
2023 FORM 56
Form 56, Net Operating Loss Schedule and Instructions 2023
2022 FORM 56
Form 56, Net Operating Loss Schedule and Instructions 2022
2021 FORM 56
Form 56, Net Operating Loss Carryforward Carryback and Instructions approved
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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