Report any and all losses on your federal return and amounts on your federal return will transfer to you ME return. To the extent, there are modifications to make, TurboTax will prompt you to make adjustments. In fact, one such adjustment that ME allows whereas the IRS will limit is in the area of a net operating loss (NOL). ME has decoupled from the federal NOL deduction limit equal to 80% of taxable income. NOL deductions disallowed due to this federal limitation may be deducted for ME tax purposes by claiming a subtraction modification.
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