Charitable Contributions Carryover

This worksheet is used to enter charitable contribution carryover information for both federal and state returns.

If a personal holding company has charitable contribution or NOL, carryover it should be entered on the Personal Holding Company worksheet in the Taxes category.

Note: Per Regulation 1.170A-11(c)(2), a corporation must increase the amount of NOL carryover to subsequent years by the amount of excess charitable contributions attributable to deducting the NOL carryforward in arriving at the charitable contribution income limitation. The charitable contribution carryover must also be reduced by the increase in the NOL carryover. We will adjust your NOL carryforward when (1) the contribution deduction without considering the NOL carryforward is greater than the contribution deduction reported on Page 1 of Form 1120, and (2) the NOL carryforward available is greater than the taxable income before NOL less special deductions. This calculation is detailed on the "Carryover Data" information sheet collated before Form 1120.