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State of California Franchise Tax Board

Changes to 2012 Forms

Updates to the Form 3805V Instructions on 05/06/2015 –– Instructions for 3805V Form, Net Operating Loss (NOL) Computation and NOL and Disaster Loss Limitations - Individuals, Estates, and Trusts

We replaced text on:

  1. Page 3, Column 3, Part II, after Line 4 Long Form 540NR filers paragraph.
  2. Page 3, Column 3, Part III, Line 1

Previous Version

  1. Note: new text added.
  2. Line 1 – Enter the MTI from Part II, line 5. This is the maximum NOL carryover deduction you are allowed for 2012. NOL carryover amounts in excess of MTI may be eligible for carryover to 2013. See General Information B, Types of NOLs.

Revised Version

  1. Line 5 - Enter as a positive number the adjustments to itemized deductions, minus the adjustment to mortgage insurance premiums, used to figure your federal NOL carryover. For more information, see federal Publication 536, Table 1, Worksheet for NOL Carryover.
  2. Line 1 – Enter the MTI from Part II, line 6. This is the maximum NOL carryover deduction you are allowed for 2012. NOL carryover amounts in excess of MTI may be eligible for carryover to 2013. See General Information B, Types of NOLs.

Reason for the changes

The NOL carryover calculation on the PIT NOL form does not limit the miscellaneous itemized deductions that are subject to the 2% of AGI floor the same as federal. California conforms to federal.

Impact

This revision may increase the taxpayer’s modified taxable income, which may decrease the taxpayer’s net operating loss carryover to future years.

Back to Tax Form Changes for 2012


Updates to the Form 3805V Instructions on 03/07/2014 –– Instructions for 3805V Form, Net Operating Loss (NOL) Computation and NOL and Disaster Loss Limitations - Individuals, Estates, and Trusts

We replaced text on:

Revision 1: Page 2, Column 3, Line 4 through Line 7, after second paragraph

Revision 2: Page 3, Column 1, Line 16, after first paragraph

Revision 3: Page 3, Column 1, Line 19

Revision 4: Page 3, Column 1, Line 23

Revision 5: Page 3, Column 1, Line 25

Revision 6: Page 3, Column 1, Full-Year Nonresidents

Revision 7: Page 3, Column 1, Complete Column A

Revision 8: Page 3, Column 1, Line 3a

Revision 9: Page 3, Column 1, Line 18

Revision 10: Page 3, Column 2, Complete Column B

Revision 11: Page 3, Column 2, Complete Column C and D

Revision 12: Page 3, Column 2, Column E, Line 25

Previous Version

Revision 1:
Note: new text added.

Revision 2:
Note: new text added.

Revision 3:
Note: new text added.

Revision 4:
Line 23 – Enter the amount of your prior year NOL and disaster loss carryover from your 2011 form FTB 3805V, Part III, line 5 and line 6.

Revision 5:
Line 25 – Enter the amounts from line 25 on Part III, line 4, column (d) and column (h). If you have an NOL from more than one source, list each loss separately.

If you have an NOL or disaster loss from prior years (line 23), complete Part II and Part III, to determine the loss carryover to future years.

Revision 6:
Full Year Nonresidents: Complete Part I, Section B, column A and column B. Enter amounts from line 25 on Part III, line 4, column (d) and column (h).

Revision 7:
Complete column A, line 1 through line 25 as if you were a California resident for the entire year.

Revision 8:
Line 3a - If negative, use brackets. If positive, enter -0- here and on line 25. Complete Part II and Part III if you have a carryover from prior years.

Revision 9:
Line 18 – If you do not have a loss on Schedule D (540NR) line 4 worksheet for nonresidents and part-year residents, skip line 18 through 21, and enter on line 22 the amount from line 17.

Revision 10:
Complete column B, line 1 through line 25, if you were a nonresident for the entire year.

Revision 11:
Complete column C and D, line 1 through line 25 using the dates of transactions.......

Revision 12:
Column E, line 25 enter this amount on Part III, line 4, column (d) and column (h).

Revised Version

Revision 1:
Enter your nonbusiness capital gains without regard to any R&TC Section 18152.5 exclusion.

Revision 2:
Enter your business capital gains without regard to any R&TC Section 18152.5 exclusion.

Revision 3:
Line 19 – Enter the amount of gain from small business stock that you excluded from gross income under R&TC Section 18152.5 (enter as a positive number).

Revision 4:
Line 25 – Enter the amount of your prior year NOL and disaster loss carryover from your 2011 form FTB 3805V, Part III, line 5 and line 6.

Revision 5:
Line 27 – Enter the amounts from line 27 on Part III, line 4, column (d) and column (h). If you have an NOL from more than one source, list each loss separately.

If you have an NOL or disaster loss from prior years (line 25), complete Part II and Part III, to determine the loss carryover to future years.

Revision 6:
Full Year Nonresidents: Complete Part I, Section B, column A and column B. Enter amounts from line 27 on Part III, line 4, column (d) and column (h).

Revision 7:
Complete column A, line 1 through line 27 as if you were a California resident for the entire year.

Revision 8:
Line 3a - If negative, use brackets. If positive, enter -0- here and on line 27. Complete Part II and Part III if you have a carryover from prior years.

Revision 9:
Line 18 – If you do not have a loss on Schedule D (540NR) line 4 worksheet for nonresidents and part-year residents (and do not have an R&TC Section 18152.5 exclusion), skip line 18 through 23, and enter on line 24 the amount from line 17.

Revision 10:
Complete column B, line 1 through line 27, if you were a nonresident for the entire year.

Revision 11:
Complete column C and D, line 1 through line 27 using the dates of transactions.......

Revision 12:
Column E, line 27 enter this amount on Part III, line 4, column (d) and column (h).

Reason for the changes

AB 1412 (Stats. 2013, ch. 546), signed by the Governor on October 4, 2013, retroactively allows the Qualified Small Business Stock (QSBS) deferral and 50 percent gain exclusion for tax years 2008 through 2012.

Impact

This revision may increase the tax liability for taxpayers who did not report a QSBS exclusion or deferral for taxable years beginning on or after January 1, 2008.

Back to Tax Form Changes for 2012

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