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Kentucky Free Printable  for 2024 Kentucky Net Operating Loss Schedule

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Net Operating Loss Schedule
Schedule NOL Form 720

SCHEDULE NOL NET OPERATING LOSS SCHEDULE Commonwealth of Kentucky Department of Revenue 2023   Attach to Form 720. Federal Identification Number Kentucky Corporation/LLET Account Number __ __ – __ __ __ __ __ __ __ __ __ __ __ __ __ Name of Corporation Prior Year NOL Section A—Net Operating Loss Deduction Name 1 Corporation Filing Return 2 Subsidiaries (if applicable) A B Kentucky Corporation/LLET Account Number Pre-2018 NOL Carryforward Post-2017 NOL Carryforward a b c d e f g h i 3 Adjustments (Intercompany eliminations and others)............................................... 3 4 Totals (sum each respective column).................................................................................. 4 5 Enter the taxable net income from Form 720, Part I, line 41. (If a loss, skip to Section B)............................... 5 6 Enter the lesser of line 5 or Column A, line 4. This is the pre-2018 NOLD........................................................ 7 Line 5 less line 6. If negative, enter zero. This is the taxable income remaining after pre-2018 NOLD........... 7 8 Multiply line 7 by 80%. This is the maximum allowable post-2017 NOLD.............................................................. 8 9 Enter the lesser of line 8 or Column B, line 4. This is the post-2017 NOLD................................................................... 6 9 10 Add lines 6 and 9. This is the total NOLD. Enter here and on Form 720, Part I, line 42.................................. 10 Section B—NOL Carryforward 1 Enter the amount from Section A, Column A, line 4..........................................................................................  1 2 Enter the amount from Section A, line 6...........................................................................................................  2 3 Subtract line 2 from line 1. This is the pre-2018 NOL carryforward to 2024..................................................  3 4 Enter the amount from Section A, Column B, line 4......................................................................................... 4 5 Enter the amount of current year loss from Form 720, Part I, line 41 (enter as a positive).............................. 5 6 Enter the amount from Section A, line 9........................................................................................................... 6 7 Line 4 plus line 5 less line 6. This is the post-2017 NOL carryforward to 2024............................................ 7 230217 41A720NOL (10-23) Page 1 of 2 SCHEDULE NOL (2023) INSTRUCTIONS FOR SCHEDULE NOL Page 2 of 2 Purpose of Schedule—This schedule is used by separate return and elective consolidated return filers per KRS 141.201(3)(b) or 141.201(3)(a)2 to determine the net operating loss deduction and to track any available net operating loss carryforward. Line 3—Enter any adjustments to the amounts entered in Column A and Column B. NOTE: Companies filing unitary combined returns should not use this schedule. These groups should use Form 720U, Schedule U10, to calculate NOL deductions and carryforwards. Line 5—Enter the taxable net income from Form 720, Part I, Line 41. If there is a current-year net operating loss, skip to Section B and enter the current-year NOL on Section B, Line 5 as a positive amount. General Instructions—Kentucky NOLs are calculated on a post-apportionment basis for all filers. Consequently, preapportioned NOL carryforward amounts from years in which a group filed a mandatory nexus consolidated return must be apportioned using the nexus group’s apportionment factor in the year the NOL was generated. For more information and examples relating to the conversion from pre-apportioned to apportioned amounts, see 103 KAR 16:250. Line 6—Enter the lesser of Line 5 or Column A, Line 4. This is the amount of pre-2018 NOL utilized this tax year. A corporation does not have an NOL carryforward if it did not have Kentucky nexus during the tax year of the NOL. An NOL generated for a taxable year beginning before January 1, 2018 (pre-2018 NOL), may be carried forward 20 years following the loss year; however, per KRS 141.011(2), an NOL must not be carried back for tax years beginning on or after January 1, 2005. NOL generated after December 31, 2017 (post-2017 NOL), may only offset up to 80% of taxable income, but any unused amounts are carried forward indefinitely. Section A—Net Operating Loss Deduction Line 1—Enter the name and Kentucky Corporation/LLET account number for the corporation filing the return. If this is an elective consolidated return, this should be the name of the common parent. Line 2 (a) – (i)—Enter the name and Kentucky Corporation/ LLET account number of any subsidiary(ies). Column A—Enter the NOL carryforward amounts from tax years beginning before January 1, 2018 (pre-2018 NOL). Column B—Enter the NOL carryforward amounts from tax years beginning after December 31, 2017 (post-2017 NOL). 41A720NOL (10-23) Line 4—Calculate the total for each column. Line 7—Subtract Line 6 from Line 5. If negative, enter zero. This is the amount of taxable income remaining after utilizing the available pre-2018 NOL. Line 8—Multiply the amount on Line 7 by 80%. This is the maximum amount of post-2017 NOL that can be utilized this tax year. Line 9—Enter the lesser of Line 8 or Column B, Line 4. This is the amount of post-2017 NOL utilized this tax year. Line 10—Add Lines 6 and 9. This is the total NOL deduction utilized this tax year. Enter here and on Form 720, Part I, Line 42. Section B—NOL Carryforward Line 1—Enter the amount from Section A, Column A, Line 4. Line 2—Enter the amount from Section A, Line 6. Line 3—Subtract Line 2 from Line 1. This is the pre-2018 NOL carryforward to 2024. Line 4—Enter the amount from Section A, Column B, Line 4. Line 5—Enter the amount of the current-year loss from Form 720, Part I, Line 41 as a positive number. Line 6—Enter the amount from Section A, Line 9. Line 7—Line 4 plus Line 5 less Line 6. This is the post-2017 NOL carryforward to 2024.
Extracted from PDF file 2023-kentucky-schedule-nol-form-720.pdf, last modified June 2023

More about the Kentucky Schedule NOL Form 720 Corporate Income Tax TY 2023

We last updated the Net Operating Loss Schedule in February 2024, so this is the latest version of Schedule NOL Form 720, fully updated for tax year 2023. You can download or print current or past-year PDFs of Schedule NOL Form 720 directly from TaxFormFinder. You can print other Kentucky tax forms here.

Related Kentucky Corporate Income Tax Forms:

TaxFormFinder has an additional 129 Kentucky income tax forms that you may need, plus all federal income tax forms. These related forms may also be needed with the Kentucky Schedule NOL Form 720.

Form Code Form Name
Schedule NOL-CF Form 720 Kentucky NOL Carryforward Schedule (DISCONTINUED)

Download all KY tax forms View all 130 Kentucky Income Tax Forms


Form Sources:

Kentucky usually releases forms for the current tax year between January and April. We last updated Kentucky Schedule NOL Form 720 from the Department of Revenue in February 2024.

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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 Kentucky Schedule NOL Form 720

We have a total of ten past-year versions of Schedule NOL Form 720 in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:



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