What is the Indiana Net Operating Loss Deduction?

You may take a deduction for the Indiana portion of the federal Net Operating Loss Deduction you added back on line 2 of Schedule 1. (This will be a net operating loss deduction from an earlier year(s) carried forward to 2014.) Write the amount you deduct as a positive figure.

Note: It is possible to have an Indiana NOL without also having a federal NOL.

Enclose Schedule A from federal Form 1045 and a completed Indiana Schedule IT-40NOL when claiming this deduction.

Also, maintain with your records a copy of the federal Form 1040 from the loss year as the Department can require you to provide this information at a later date.

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