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RPD-41375 2019 State of New Mexico Taxation and Revenue Department
Rev. 11/04/2019
2019 New Mexico Net Operating Loss Carryforward Schedule for Fiduciary Income Tax Instructions
Page 1 of 3
About the New Mexico Net Operating Loss (NM NOL) sheet 2, using the information from your 2019 FID-1 return. Transfer the
amount from Worksheet 2, line 3, to the NM NOL Carryforward Sched-
All NM NOLs must flow from a federal net operating loss. You cannot have
ule, column 3, row 1. For any other year, leave this column blank.
a NM NOL without first having a federal net operating loss.
Unlike a federal net operating loss carryforward, a New Mexico net operating Column 4. Loss Applied. Enter that part of the NM NOL incurred (col-
loss incurred cannot be carried back and if incurred on or after January 1, umn 2) that you used during tax year 2019. The total of column 4 (line 1)
2013, may be carried forward for 19 years or until the total amount of the loss must be equal to Worksheet 2, line 5, and may not exceed the current
carryover has been used, whichever occurs first. For a net operating loss that year NM net income before NM NOL carryforward shown in column 3, row
was incurred in tax years beginning before January 1, 2013, a New Mexico net 1. This is your excludable NM NOL used in the current tax year. The sum
operating loss may be carried forward for only five years. Refer to regulation of column 4 must match the amount you entered on Form FID-1, page 2,
3.3.1.13(E) NMAC 1978, if the net operating loss was incurred in a tax year line 4, New Mexico net operating loss.
beginning prior to January 1, 1991.
If you are using a Supplemental Carryforward Schedule, add the subto-
The first year you can apply a NM NOL is: tals on all supplemental schedules and enter the amount on to the Total
• If you filed your return on time, you can apply it the following tax year, Additional line of column 4 on page 1 of the main NM NOL carryforward
schedule. The sum of the Subtotal page 1 and Total Additional lines
or will be the amount entered on Line 1 which is the total of all carryforward
• You can apply it the first tax year that begins after the date you file a schedules used.
return establishing the loss.
Column 5. Year loss applied. Use the year columns to record how you
Instructions for completing the NM NOL Carryforward Schedule and applied a prior-year NM NOL. Under the column year for each prior-year
Supplemental Carryforward Schedule. NM NOL incurred, show the amount of NM NOL you applied. On the Sup-
plemental Carryforward Schedule, specify the column year in the space
Column 1. Tax Year. Enter the tax year when you incurred a NM NOL to provided.
which a NM NOL carryforward is available to use in the current year. Row
1 includes only information for the 2019 tax year. Use subsequent rows Column 6. NM NOL Expired. Enter the amount of NM NOL that expires
for prior-year NM NOLs. in the current year because the balance of the remaining NM NOL cannot
be carried forward for more than 5 years, or for NM NOLs incurred after
Column 2. Net Operating Loss Incurred. Enter the amount of NM NOL December 31, 2012, for more than 19 years. See About the New Mexico
you incurred during the year in column 1. Use Worksheet 1 to determine Net Operating Loss (NM NOL) in the previous column for more details.
the amount of NM NOL incurred in the tax year of the loss. When complet-
ing Worksheet 1, use the information from the FID-1 tax return you filed Column 7. NOL Carryforward Available for Next Year. Enter the amount
for the year you incurred the NM NOL. of NM NOL that will be available for carryforward the next year. From the
NM NOL you incurred and reported in column 2, subtract the amounts
Column 3. 2019 NM net income before any NM NOL. Enter the 2019 included in columns 4, 5, and 6.
NM net income before applying any NM NOL deduction.Complete Work-
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