Form Rpd-41369 - New Mexico Net Operating Loss Carryforward Schedule For Personal Income Tax - 2014 Page 4

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State of New Mexico Taxation and Revenue Department
RPD-41369 2014
2014 New Mexico Net Operating Loss Carryforward Schedule for Personal Income Tax Instructions
Rev. 02/05/2015
Page 3 of 3
Example
In tax year 2014, taxpayer X has tax due and wants to carryforward prior-year losses to offset the income on X’s 2014 personal income tax return. X
incurred an NM NOL of $48,000 in 2009, and an NM NOL of $97,000 in 2010. In tax years 2011, 2012, and 2013, X calculated the current year net
income before applying NM NOL at $7,000, $1,500 and $2,500, respectively. X applied the NM NOL incurred in tax year 2009 towards the net income
for tax years 2011, 2012, and 2013. For current tax year 2014, the net taxable income that X calculates before NM NOL is $8,000. X may use the
loss incurred in 2009 towards X’s 2014 net income. Because X cannot carry forward the balance from the 2009 NM NOL for more than five years, X
reports in Column 6 the amount of NM NOL that expires during 2014, which X cannot exclude from NM net income during 2015. X completes Form
RPD-41369 as shown here.
Col. 1
Col. 2
Col. 3
Col. 4
Col. 5
Col. 6
Col. 7
Tax Year
Net Operating
2014 NM
2014
Year Loss Applied
NM NOL
NM NOL
Loss Incurred
Net Income Before
Loss Used
If you applied the NM NOL reported in Column 2 in previous years, enter
Expired
Carryforward
in the year in
NM NOL
the amount in the column corresponding to the year when you applied it.
Available for
The sum of Column 4
Column 1
from
cannot be greater
Next Year
Worksheet 2, line 7
than Column 3 for
2013
2012
2011
2010
2009
tax year 2014.
8,000
2014
2010
97,000
97,000
29,000
0
2009
48,000
8,000
2,500
1,500
7,000
Line 1 must equal Worksheet 2, line 9.
Line 1. Loss used during 2014 tax year.
8,000
Enter the sum of Column 4.
Also enter this amount on Schedule PIT-ADJ, line 7.

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