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Schedule
Net Operating Loss Deduction
and Wisconsin
NOL2
Modified Taxable Income
Wisconsin 2024
Department of Revenue File with Wisconsin Form 1, 1NPR, 2, or X-NOL
Name(s) shown on Form 1, 1NPR, 2, or X-NOL Your social security number
Part I Allowable Deduction for a Wisconsin NOL Carryforward
1 Amount from line 5 of Wisconsin Form 1 (see instructions for Form 1NPR or 2) ....... 1 .00
2 Subtractions from income from line 6 of Form 1. (Do not include any amount for the
NOL deduction - see instructions for Form 1NPR or 2) .......................... 2 .00
3 Wisconsin income before NOL. (Subtract line 2 from line 1) ...................... 3 .00
4 Standard deduction. (Compute the standard deduction on the income amount on line 3
using the Standard Deduction Table for 2024 in the Form 1 booklet and the column
which corresponds to your filing status. See instructions for Form 1NPR or 2.) ....... 4 .00
5 Subtract line 4 from line 3. If less than zero, fill in -0- ........................... 5 .00
6 Deduction for exemptions (see instructions) .................................. 6 .00
7 Maximum deduction for NOL. (Subtract line 6 from line 5. If less than zero, fill in -0-) .. 7 .00
8 Your Wisconsin NOL carryforward ......................................... 8 .00
9 Fill in the lesser of line 7 or line 8. This is your allowable Wisconsin NOL deduction.
Enter this amount on Schedule SB (Form 1), line 23, Schedule M (Form 1NPR), line 57,
or Schedule 2M (Form 2), line 25 ........................................... 9 .00
Part II Wisconsin Modified Taxable Income
1 Wisconsin income (see instructions) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1 .00
2 NOL deduction ........................................................ 2 .00
3 Capital gain exclusion (see instructions) ..................................... 3 .00
4 Capital loss deduction ................................................... 4 .00
5 Add lines 1 through 4 .................................................... 5 .00
6 Wisconsin standard deduction allowable based on the amount on line 5 ............ 6 .00
7 Subtract line 6 from line 5. If less than zero, fill in -0- ........................... 7 .00
8 Deduction for exemptions ................................................ 8 .00
9 Subtract line 8 from line 7. If less than zero, fill in -0-. This is your Wisconsin modified
taxable income. Enter this amount as the loss used on Schedule NOL3 as applicable .. 9 .00
I-055 (R. 06-24)
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