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State of New Mexico - Taxation and Revenue Department

RPD-41375 2013

Int. 09/30/2013

2013 New Mexico Net Operating Loss Carryforward Schedule

for Fiduciary Income Tax

Instructions - Page 1 of 3

About the New Mexico Net Operating Loss

All New Mexico Net Operating Losses (NM NOL) must flow from a federal net operating loss. You cannot have a NM NOL without first having a federal

net operating loss.

Unlike a federal net operating loss carryforward, a NM NOL 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 carryforward has been used, whichever occurs first. You cannot apply a NM NOL carryforward until the

following tax year -- provided you have filed a timely return -- or until the first tax year that begins after the date you file a return establishing the loss.

Instructions for completing the NM NOL Carryforward Schedule

Column 1. Enter the tax year in which a NM NOL was incurred to which a NM NOL carryforward is available to be used in the current year.

Row 1 includes only information for the 2013 tax year. Subsequent rows are to be used for prior-year NM NOLs.

Column 2. Enter the amount of NM NOL that was incurred during the year in column 1. You may use Worksheet 1, below to determine the

amount of NM NOL incurred in the tax year of the loss. When completing Worksheet 1, use the information from the FID-1 tax return filed for the year

the NM NOL was incurred.

Column 3. Enter the 2013 NM net income before any NM NOL carryforward is applied. Complete Worksheet 2, using the information from your

2013 FID-1 return on the next page. Transfer the amount from line 3 of Worksheet 2 to the NOL Carryforward Schedule, column 3, row 1. For any

other year, leave this column blank.

Column 4. Enter the portion of the NM NOL incurred (column 2) that was used during tax year 2013. The total of column 4 (line 1) must be

equal to line 5 of Worksheet 2, and may not exceed the current year NM net income before NM NOL carryforward column 3, Row 1. This is

your excludable NM NOL used in the current tax year. This amount must match the amount you entered on Form FID-1, page 2, line 4, New Mexico

net operating loss.

Column 5 - Year loss applied. These columns are used to record how a prior-year NM NOL was used. For each prior-year NM NOL incurred, com-

plete Column 5 showing the year(s) the loss was used and the amount of NM NOL that was used in the year listed at the top of the column.

Column 6 - NOL expired. Enter the amount of NM NOL that expires in the current year because the balance of the remaining NM NOL cannot be

carried forward for more than 5 years. Unlike a federal net operating loss carryforward, 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 NM NOL carryforward until the following tax year -- provided you have filed a timely return -- or until the first tax year

that begins after the date you file a return establishing the loss.

Column 7, NOL carryforward available for next year. Enter the amount of NM NOL that will be available for carryforward to next year. From the NM

NOL incurred and reported in column 2, subtract the amounts included in columns 4 through 6.