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T
tscott
Level 5
October 5, 2023
Question

NC D-400 Net Operating Loss Carryforward

  • October 5, 2023
  • 1 reply
  • 9 views

Why does the NC Individual program (D-400) not carry the prior year loss forward as a deduction on Supplemental Schedule Line 39. It adds it back to NC income (on line 7 D-400 Sch S) but does not deduct in on line 39 D-400 Sch S?

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1 reply

T
Terry53029Intuit Community Champion
Intuit Community Champion
October 5, 2023

Don't do NC, but took a quick look, and it seem to be able to deduct carryover loss it must be less than taxable income for the year. Here is link for you to research. 

https://casetext.com/statute/general-statutes-of-north-carolina/chapter-105-taxation/subchapter-i-levy-of-taxes/article-4-income-tax/part-2-individual-income-tax/section-105-1535a-net-operating-loss-provisions#:~:text=%2D%20A%20taxpayer%20may%20carry%20forward,the%20preceding%2015%20taxable%20years.

T
tscottAuthor
Level 5
October 7, 2023

Thank you....in me situation the NOL carryover is less than this years taxable income

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