Form NOL-F85A Fillable Application of Net Operating Loss Carryback or Carryforward for Fiduciary Return (Form 41)
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Fiduciary Return (Form 41) (Add lines 8 9 and 10 ) Enter here and also on line 6 Form 41 (b) Did you elect on Form NOL F85 to forfeit (computed without considering the NOL deduction to be applied); (See instructions) *XX000941* 1 (a) Enter the taxable year during which 10 $ at 5 percent (on all over $3 000 of amount taxable as shown on line 7) 11 TOTAL TAX DUE AFTER APPLICATION OF NET OPERATING LOSS 18 19 If a prior NOL carryback or carryover was fully absorbed in 2 Enter the net operating loss as shown on line 17 Part II of Form NOL F85 or as shown on line 4 Form NOL F85A 3 ALABAMA TAXABLE INCOME Enter the amount shown on Alabama Form 41 page 1 line 5 for the tax year to 3 Otherwise enter zero 4 UNUSED NET OPERATING LOSS If line 2 exceeds line 3 subtract line 3 from line 2 and enter the difference 5 Enter the Alabama Taxable Income from Alabama Form 41 (page 1 line 5 for tax year 2006 and after) as last 5 of the Alabama Form 41 for the tax year to which the net operating 5 of the Form 41 for the carryback or carryforward tax year 6 NET OPERATING LOSS TO BE APPLIED Subtract the amount on line 4 from the amount on line 2 and enter 7 ALABAMA TAXABLE INCOME AFTER APPLICATION OF NET OPERATING LOSS Subtract line 6 from line 5 8 $ at 2 percent (on first $500 or fraction thereof of amount taxable as shown on line 7) 810 3 25 11(f) 810 3 25 05(8)b 9 $ at 4 percent (on next $2 500 or fraction thereof of amount taxable as shown on line 7) Additional guidance concerning the computation of the net operating after taxable income has been recomputed for the year If AlAbAmA Alabama Department of Revenue s Web site (www revenue Alabama Form NOL F85 for the tax year the loss was incurred If alabama gov) to obtain copies of Alabama income tax forms Alabama Income Tax Regulation Number 810 3 15 2 01 Visit the amount by which the NOL will be reduced is called modified taxable and enter the result here Application of an NOL below for the computation of any remaining Application of an NOL Carryforward An NOL may be carried Application of net operating loss Application of Net Operating Loss Carryback or Carryforward applied but will reflect any prior carryovers which have been applied as previously reported or last adjusted (including any deductions available for carryover an adjustment must be made to the taxable back and deducted from taxable income in each of the preceding be fully absorbed the modification required above would be computed be passed to beneficiary or owner see Code of Alabama 1975 Carryback and Carryforward of an Alabama NOL For loss Carryback or Carryforward carrying forward of the net operating loss can be obtained from claimed as a net operating loss deduction during the tax year Complete lines 8 through 11 below to determine the correct tax due after application of the net operating loss Computation of Any Remaining NOL Carryover After Application Computation of Taxable Income in a Carryforward Year If Compute the tax as shown on the form for lines 8 through 10 deduction is allowed for the personal exemption provided in 40 DepArtment of revenue determined Refer to the instructions if carrying an NOL back or forward to a tax year prior to 2006 enter the amount from line 4 of the Alabama Form NOL F85A filed Enter the tax year information Enter the name of the estate or entering the total on line 11 The amount from line 11 must be carried fiduciary return (form 41) for NOLs carried over or carried back to such year from any loss for the tax year to which the net operating loss was carried For year ending form nol f85A Form Preparation forward 15 tax years subsequent to the loss year in order of time forward to a tax year prior to 2006 forward to page 1 line 6 of the Form 41 and Alternate tax forward to the next applicable year (Form NOL F85A) has been recomputed for the prior NOL taxable income for the here If line 3 exceeds line 2 enter zero If the amount on this line is more than zero you may carry this amount If the NOL being carried forward is less than taxable income income for the year in which the deduction was taken The income taxable income will be reduced to zero Taxable income income The modification required by law provides that no Instructions for preparation of Alabama is computed without considering the current NOL carryover to be Line 2 Enter the net operating loss as shown on line 17 of the line 2 exceeds the amount on line 4 Line 3 Enter the Alabama Taxable Income from page 1 line Line 4 If the amount entered on line 2 exceeds the amount entered Line 5 Enter the Alabama Taxable Income from page 1 line Line 6 Enter the net operating loss to be applied to the carryback Line 7 Enter the Alabama Taxable Income after Application of loss (carried to the tax year from another tax year) that can be loss is being carried loss is being carried Before Form NOL F85A can be completed you must first complete Form NOL F85 to determine if you have an allowable net operating loss and the amount loss the carrying back of the net operating loss and the method (ATM) should be checked Name of Estate or Trust as shown on Form 41 Federal Employer Identification Number Net Operating Loss which equals the amount that line 5 exceeds NOL being carried back is equal to or greater than taxable income NOL Carrybacks When an NOL is carried back to a prior NOL for carryover to a subsequent year of an NOL In order to determine the amount of an NOL of the NOL carried forward on line 3 enter on line 4 the amount that line 2 exceeds line or carryforward tax year If the amount on line 4 is zero enter or trust or until exhausted whichever occurs first Part I Computation of Unused Net Operating Loss PART II Application To Carryback / Carryforward Year Part II Application to Carryback of Carryforward Year Part III Computation of Tax Please Note: losses from Estates and Irrevocable trusts cannot PURPOSE OF FORM NOL F85A: Form NOL F85A is designed to apply a net operating loss sustained by an estate or trust (Form 41) to the next taxable year to which the Reset Form REV 6/14 schedules and form preparation instructions See Computation of Any Remaining NOL Carryover After taxable income will be reduced (but not below zero) by the amount that may be carried back or carried forward See instructions for further information the amount entered on line 2 Otherwise enter the amount that the amount entered on line 6 the difference here If line 4 is zero enter the amount shown on line 2 the election to carry this loss back? Yes No the net operating loss has previously been carried to a tax year the net operating loss was incurred Beginning Ending the NOL being carried forward is equal to or greater than taxable the subsequent NOL the subsequent NOL can be fully absorbed after taxable income the year and a subsequent NOL is carried to the year and cannot This form is used to determine the amount of a net operating to zero If the NOL being carried back is less than taxable income trust and the federal employer identification number of the estate two years or until exhausted which this loss is being carried if tax year 2006 and after Refer to the instructions if carrying an NOL back or year is reduced by the amount of the NOL year must be recomputed with taxable income reduced again for year prior to the current loss year) taxable income for the carryback year prior to the current loss year) taxable income will be reduced year taxable income will be recomputed in such prior year If the years beginning after December 31 1997 an NOL may be carried