Form Rpd-41369 - Net Operating Loss Carryforward Schedule (Page 2 of 2) in pdf

State of New Mexico - Taxation and Revenue Department

RPD-41369

Net Operating Loss Carryforward Schedule

Draft 09/23/2011

Instructions

Purpose of this form.

forward until the following tax year -- provided you have filed a timely return -- or

Use this form to compute your New Mexico net operating loss (NOL) carryfor-

until the first tax year that begins after the date you file a return establishing the loss.

ward. This schedule must be attached to the New Mexico Form PIT-1, Personal

Income Tax Return, when reporting a NOL deduction from a carryforward.

Line Instructions

Tax Year. Enter the month, day and year of the last day of the tax year. The numeric

Report on Schedule PIT-ADJ, line 7, the NOL carryforward amount to be applied

date format to use is mm/dd/yyy.

against New Mexico taxable income for the current year, but only if:

Net operating loss incurred. If a net operating loss occurred during the tax year

•

Your current federal tax return shows a net operating loss carry-forward amount,

reported in the first column, enter the amount of the net operating loss.

•

You have an unused New Mexico net operating loss carry-forward amount from

Taxable Income before applying any net operating loss carryforward. Enter

a previous year.

the New Mexico taxable income before applying any net operating loss carryfor-

ward for the tax year reported in column 1.

All New Mexico net operating losses must flow from a federal net operating loss.

Loss used. Enter the net operating loss used during the current tax year. This

You cannot have a New Mexico net operating loss without first having a federal

amount should be the same amount you entered on line 7, Schedule PIT-ADJ, for

net operating loss.

the current tax year. Total this column

When you calculate New Mexico taxable income using a New Mexico net operating

Year loss applied. At the top of the column, enter the last day of the tax year in

loss carry-forward amount, federal rules apply for modifications to exemptions and

which the NOL in column 2 was used. Enter the oldest tax year first. Enter the

taxable income. Use your New Mexico net operating loss carry-forward against

month, day and year of the last day of the tax year. The numeric date format to

taxable income before you apply your personal and dependent exemptions.

use is mm/dd/yyy. In the applicable row, enter the amount of loss that was used in

the tax year indicated at the top of the column. Continue until you have reported

To compute the carry-forward amount from a New Mexico net operating loss rec-

all years in which the net operating loss in the second column, if any, was applied.

ognized in a previous year, add together the federal adjusted gross income (AGI)

Do not include the carryover year which is included in the 4th column, “Loss used”.

figure, any federal net operating loss carry-back or carry-forward deduction, and

NOL Expired. Enter the amount of NOL which cannot be deducted due to expira-

any other income not included in federal adjusted gross income, but upon which

tion of the carryforward period. Net operating losses may be carried forward for

a federal tax is calculated (except amounts for which a tax calculation is made

five years or until the total amount of the loss carryover has been used, whichever

according to the alternative minimum tax under Section 55 of the Internal Revenue

occurs first.

Code). From that total, subtract the federal standard or itemized deduction. The

result is the maximum amount of New Mexico net operating loss that may be ap-

NOL Carryforward available for next year. Enter the amount of NOL available

to be carried forward to the next year.

plied to the current tax return.

Attach New Mexico Form RPD-41369, Net Operating Loss Carryforward Schedule,

to your return showing the tax year when each New Mexico net operating loss

occurred. The schedule also should list each loss for each tax year for which it

was carried forward, including the current year.

Unlike a federal net operating loss carry-forward, a New Mexico net operating loss

incurred in tax years after 1990 cannot be carried back and may only be carried

forward for five years or until the total amount of the loss carryover has been used,

whichever occurs first. You cannot apply a New Mexico net operating loss carry-

Form Rpd-41369 - Net Operating Loss Carryforward Schedule Page 2

Related Articles

Related forms

Related Categories