Get Part I - Loss Computation - Use This Part To Compute Your Net Operating Loss

The PART I - LOSS COMPUTATION form is a crucial document for individuals, trusts, and estates intending to calculate their net operating loss (NOL) for tax purposes in Idaho. This guide will help you navigate through the form, ensuring you complete each section accurately and efficiently.

Follow the steps to fill out the form correctly.

1. Click ‘Get Form’ button to obtain the form and open it in the editor.
2. Identify the relevant section for your entity type—individuals, trusts, and estates should use page 1, while corporations other than S corporations will use page 2.
3. For line 1, enter your total Idaho adjusted income or loss from your loss year return accurately.
4. On line 2, input the Idaho net operating loss carryover deducted on the return, ensuring to enter it as a positive number.
5. For line 3, enter any net capital loss deducted on the federal return, again as a positive number.
6. If applicable, for line 4, enter any Idaho capital gains deduction as a positive number.
7. For line 5, if you have casualty losses on Idaho property included in itemized deductions, enter the amount as a negative number.
8. Proceed to line 6, where you will add the amounts from lines 2 through 5, entering the result.
9. Lastly, on line 7, calculate the Idaho net operating loss by adding the result from line 6 to the total Idaho adjusted income or loss in line 1.

Complete your documents online to ensure a timely and accurate filing.