Federal Net Operating Loss (NOL) Deduction
Generally the allowable federal NOL carryover isn’t the same amount allowed on the Idaho return. Enter any NOL carryover included on your federal return. You’ll claim the allowable Idaho NOL carryover as a subtraction on Part B, line 1.
Capital Loss Carryover
If you claimed a capital loss or carryover from activities not taxable by Idaho or before you became an Idaho resident, enter the amount used in calculating your net capital gain or loss reported on your federal Schedule D. Example: For the current tax year you reported capital loss carryovers totaling $40,000 that were incurred before moving to Idaho. These are used to offset $26,000 of Idaho capital gains earned in the current year, resulting in a capital loss of $3,000 allowed on the federal return. For the current tax year, you must add back $29,000 on line 2 ($26,000 gain offset plus $3,000 loss allowed). The remainder of the $11,000 loss carryover must be added back in future years to the extent allowed as a loss and used to offset gain.
Non-Idaho State and Local Bond Interest and Dividends
Enter the amount of interest and dividends, less the related expenses, you received from municipal bonds of other state governments, including their counties or cities or from obligations of any foreign country. This income isn’t reported on your federal return. This includes your distributive share of interest and dividends not taxable under the IRC from Form ID K-1, Part IV, Column B, line 21. Don’t include the interest income from Idaho municipal securities reported on Form ID K-1, Part IV, Column B, line 24.
Idaho College Savings Account Withdrawal
If you make a nonqualified withdrawal from an Idaho college savings account, enter the amount withdrawn less any amounts reported on your federal Form 1040 or 1040-SR. Include withdrawals from Idaho college savings programs that are transferred to a qualified program operated by another state or a qualified Achieving a Better Life Experience (ABLE) program. The amount added back is limited to your contributions deducted in the year of transfer and the previous tax year.
If you claimed bonus depreciation for federal purposes for property acquired before 2008 or after 2009: • Complete a separate federal Form 4562 or detailed computation for Idaho depreciation purposes as if the special depreciation allowance hadn’t been claimed • Compute the Idaho adjusted basis and any gains or losses from the sale or exchange of the property using the Idaho depreciation amounts • If the federal depreciation (including gains and losses) is more than the Idaho depreciation (including Idaho gains and losses), include the difference on this line; otherwise, enter the difference on Part B, line 21 Include on this line your distributive share of bonus depreciation from Form ID K-1, Part IV, Column B, line 22. Don’t enter any amounts for property acquired during 2008 and 2009.