How to enter NOL of 1120 tax return?

Question

Hi 
 Just switched to UltraTax CS from nonconvertible tax program. 
 I need to enter all tax returns that I did with old tax program. I am doing this for training myself and for 2026 tax year 
 NOL worksheet from 2025 tax return shows "NOL Carryover for Next Year------------$104399" 
 
 How do I enter this info on 2025 UltraTax CS? 
 
 Appreciate your help 
 
 David

Neil Vicente · Accepted Answer

Hi David, 
 To enter a Net Operating Loss (NOL) for an 1120 corporate return in UltraTax CS 2025 , follow these steps: 
 
 Navigate to the NOL Entry Screen

Open the 1120 return in UltraTax CS. 
 Go to the Carryovers folder , then select the NOL window .

Enter Prior-Year NOL Carryovers

In the Income (Loss) column, enter the taxable income or net operating loss for each prior year. 
 NOLs should be entered as negative numbers .

Use the Adjustments to NOL column for adjustments (e.g., discharge of indebtedness, charitable contributions). 
 NOL Utilized column: Enter the amount of prior-year NOL used in earlier years. 
 
 Tip: If only the remaining carryforward is available, enter adjusted NOL after prior-year usage. 
 
 Current-Year NOL

The current year&rsquo;s loss will flow automatically from Form 1120 calculation. 
 If the corporation has an NOL this year, UltraTax stores it for future carryforward (subject to 80% limitation).

AMT NOL

If needed, enter AMT NOL separately in Carryovers > AMT Carryover details , because AMT amounts do NOT default to regular NOL values.

Review on Form 1120

UltraTax will apply the available NOL on Line 29a &ndash; Net operating loss deduction of Form 1120. 
 Check the Carryover Worksheet for remaining amounts, adjustments, and 80% limitation calculations.

Elections

If you want to waive a carryback , check the appropriate box in Other Info or Elections screens . Election is irrevocable once made. 
 Default IRS rule for 2025: No general carryback allowed; NOL carryforward only, up to 80% of taxable income .

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How to enter NOL of 1120 tax return?

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