Get Nol Carryforward Schedule

This guide provides a step-by-step approach to completing the Nol Carryforward Schedule online for the 2014 New Mexico Corporate Income Tax. Utilizing this form correctly ensures that users can accurately calculate and report their net operating loss carryforward deductions.

Follow the steps to effectively fill out the Nol Carryforward Schedule.

1. Click 'Get Form' button to acquire the Nol Carryforward Schedule and open it in the online editor.
2. In the first section, enter the taxpayer's name and the Federal Employer Identification Number (FEIN) in the designated fields.
3. In column 1, input the tax year for which the net operating loss was incurred. For the current schedule, enter '2014'. Subsequent rows should be used for losses incurred in prior years.
4. Column 2 requires you to enter the amount of net operating loss (NOL) incurred in the specified tax year documented in column 1.
5. In column 3, provide the 2014 New Mexico net income before any NOL carryforward is applied. This amount is derived from Worksheet 2, line 1, and must be accurately reflected.
6. Column 4 should contain the portion of the NOL that was used during the 2014 tax year. Ensure that the total of column 4 does not exceed the value in column 3.
7. In column 5, specify the year(s) during which the NOL from column 2 was applied. Indicate the corresponding amounts for the respective years.
8. Column 6 is for entering the amount of NOL that expired in the current tax year. This is critical as it cannot be carried forward indefinitely.
9. Finally, in column 7, calculate the carryforward of NOL that will be available for the next year by subtracting the amounts in columns 4 through 6 from the amount in column 2.
10. Once all fields are completed, review the form for accuracy. Users can then save their changes, download, print, or share the form as needed.

Start completing your Nol Carryforward Schedule online today.