Get 2021 New Mexico Net Operating Loss Carryforward Schedule For ...

This guide offers clear instructions on how to complete the 2021 New Mexico Net Operating Loss Carryforward Schedule online, ensuring that users can accurately report their net operating losses for fiduciary income tax. Follow the steps below to navigate each section of the form with ease.

Follow the steps to successfully complete the schedule.

1. Click 'Get Form' button to obtain the form and open it in the editor.
2. In Column 1, enter the tax year when you incurred the net operating loss (NOL). For the primary row, use the current tax year, 2021, and for subsequent rows, input the years for any prior NOLs claimed.
3. In Column 2, input the total amount of the NOL you incurred during the year specified in Column 1. To determine this amount, refer to Worksheet 1 as needed.
4. For Column 3, enter the 2021 New Mexico net income before applying any NOL deduction. Utilize Worksheet 2 to calculate this figure, transferring the amount to the appropriate field.
5. In Column 4, report the amount of the NOL used during the 2021 tax year. Ensure that this amount does not exceed the amount reported in Column 3 for 2021.
6. In Column 5, indicate the years in which you applied the losses from the prior NOLs. Record the amount applicable for previous years in the corresponding year columns.
7. In Column 6, note any NOL that expires in the current year, as this amount cannot be carried forward beyond five years or, for certain NOLs, 19 years. Ensure to calculate this based on the instructions provided.
8. In Column 7, enter the balance of NOL available to carryforward into the next tax year, calculated by taking the amount from Column 2 and subtracting the amounts listed in Columns 4, 5, and 6.
9. After completing the main carryforward schedule, if applicable, use the Supplemental Carryforward Schedule to report any additional NOLs incurred beyond the previous five years.
10. Once all information is accurately entered, users can save their changes, download the completed form, and print or share it as needed.

Complete your New Mexico Net Operating Loss Carryforward Schedule online today for accurate and timely submission.