"If a corporation carries forward its NOL, it enters the carryover on Form 1120, Schedule K, line 12. It also enters the deduction for the carryover (but not more than the corporation's taxable income after special deductions) on Form 1120, line 29a, or the applicable line of the corporation's income tax return...
If the NOL available for a carryback or carryforward year is greater than 80% of the taxable income for that year (100% for NOLs arising in tax years beginning before 2018), the corporation must modify its taxable income to figure how much of the NOL it will use up in that year and how much it can carry over to the next tax year."
So for example if a corporation has a carryforward amount of $1000 from 2018, but a net income of $1000 for 2019 then (to my understanding) it can only deduct $800 (or 80% of the NOL carryover) from the 2019 net income and the taxable income would then be $200.
Am I right that in this example, on Schedule K, line 12 the amount would be 1000.00 and the amount on line 29a would be 800? Or should line 29a still have the full NOL carryover available (1000)?