PDF document

- 1 -

RPD-41379 2019 State of New Mexico Taxation and Revenue Department
Rev. 11/04/2019
2019 New Mexico Net Operating Loss Carryforward Schedule for Corporate Income Tax

Taxpayer’s name FEIN

Purpose of this Form
Use this form to calculate your excludable New Mexico net operating loss (NM NOL) carryforward deduction from the current year New Mexico Corporate income tax. For each prior-
year NM NOL carryforward, also show how you applied the credit in columns 4, 5, and 6. In column 7, show the balance of NM NOL carryforward available for the next tax year. If
you are reporting a NM NOL deduction from a carryforward on Form CIT-1, page 2, line 5, this schedule must be filed with the New Mexico 2019 Form CIT-1, Corporate Income and
Franchise Tax Return. Page 1 of
Col. 1 Col. 2 Col. 3 Col. 4 Col. 5 Col. 6 Col. 7
Tax Year Net Operating 2019 NM 2019 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 the Expired Carryforward
in the year in NM NOL The sum of column 4 amount in the column corresponding to the year when you applied it.
available for
column 1 from Worksheet 2, cannot be greater
line 1 than column 3 for next year
tax year 2019. 2018 2017 2016 2015 2014

2019

Subtotal page 1. + Enter the sum of column 4 from page 1 of this schedule.

Total Additional. + Enter the sum of column 4 from all pages of this schedule.

= Loss used during 2019 tax year. Enter the sum of column 4, Subtotal page 1 plus Total Additional.
Line 1. Line 1 must equal line 3 from Worksheet 2. This amount is also entered on Form CIT-1, page 2, line 5.

Complete the Carryforward Schedule above using the instructions and Worksheets 1 and 2 on the next three pages. Do not submit Worksheets 1 and 2 to the Department. Use Work-
sheet 1 to calculate the NM NOL incurred in prior years. Use Worksheet 2 to calculate the 2019 NM net income before the current year NM NOL deduction is applied in column 3, row 1.
Line 1 of the schedule above (the total sum of column 4 from the NM NOL carryforward and supplemental schedules used) is the sum of the NM NOL carryforward loss used in the
2019 tax year. The amount in Line 1 is also entered on the 2019 Form CIT-1, page 2, line 5. For each row showing a prior-year NM NOL incurred, complete the row showing when the
NM NOL was incurred, how it has been applied, any expired amount, and the NM NOL carryforward balance available next year.

- 2 -

RPD-41379 2019 State of New Mexico Taxation and Revenue Department
Rev. 11/04/2019
2019 New Mexico Net Operating Loss Carryforward Schedule for Corporate Income Tax

Supplemental Carryforward Schedule

Taxpayer’s name FEIN

Purpose of this Form
Beginning on or after January 1, 2013, NM NOL may be carried forward for 19 years or until the total amount of the loss carryover has been used, whichever occurs first. If you need to report
more than five years of NM NOL, use this Supplemental Carryforward Schedule. The sub-total sum for column 4 reported on this schedule must be included in the total sum of Line 1
the NM NOL carryforward schedule on the previous page.
Page of
Col. 1 Col. 2 Col. 3 Col. 4 Col. 5 Col. 6 Col. 7
Tax Year Net Operating 2019 NM 2019 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 the Expired Carryforward
in the year in NM NOL The sum of column 4 amount in the column corresponding to the year when you applied it.
available for
column 1 from Worksheet 2, cannot be greater
line 1 than column 3 for next year
tax year 2019. 20 20 20 20 20

2019

Subtotal. Subtotal. Amount from this schedule. Enter the sum of column 4 from this page of this schedule. This
amount will need to be added to any additional schedules Column 4 total and carried to page 1, Total Ad-
ditional. (This amount must be included in the total sum reported in Line 1 of the carryforward schedule).

- 3 -

RPD-41379 2019 State of New Mexico Taxation and Revenue Department
Rev. 11/04/2019
2019 New Mexico Net Operating Loss Carryforward Schedule for Corporate Income Tax
Instructions - Page 1 of 4

About the New Mexico Net Operating Loss (NM NOL) and the amount of the NM loss incurred.
All NM NOLs must flow from a federal net operating loss. You cannot have
Column 3. Enter the 2019 NM net income before any NM NOL car-
an NM NOL without first having a federal net operating loss.
ryforward is applied. Complete Worksheet 2 using the information from
Unlike a federal net operating loss carryforward, a New Mexico net operating your 2019 CIT-1 return. Transfer the amount from line 1 of Worksheet 2
loss incurred cannot be carried back and if incurred on or after January 1, to the NOL Carryforward Schedule, column 3, row 1. For any other year,
2013, may be carried forward for 19 years or until the total amount of the loss leave this column blank.
carryover has been used, whichever occurs first. For a net operating loss that
Column 4. Enter the portion of the NM NOL incurred (column 2) that
was incurred in tax years beginning before January 1, 2013, a New Mexico net
you used during tax year 2019. The total of column 4, Line 1, must
operating loss may be carried forward for only five years. Refer to regulation
be equal to line 3 of Worksheet 2, and may not exceed the current
3.4.1.9(E) NMAC 1978, if the net operating loss was incurred in a tax year
year NM net income before NM NOL carryforward shown in column
beginning prior to January 1, 1991.
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 CIT-1, page 2,
The first year you can apply a New Mexico net operating loss is:
line 5, New Mexico NOL carryover.
• If you filed your return on time, you can apply it the following tax year,
or If you are using a Supplemental Carryforward Schedule, add the subto-
• You can apply it the first tax year that begins after the date you file a tals on all supplemental schedules and enter the amount on to the Total
return establishing the loss. 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
Instructions for completing the NM NOL Carryforward Schedule and will be the amount entered on Line 1 which is the total of all carryforward
Supplemental Carryforward Schedule. schedules used.
Column 5 - Year loss applied. Use the year columns to record how you
Column 1. Enter the tax year when you incurred a NM NOL to which
applied a prior-year NM NOL. Under the column year for each prior-year
a NM NOL carryforward is available to use in the current year. Row 1
NM NOL you incurred, show the amount of NM NOL you applied. On
includes only information for the 2019 tax year. Subsequent rows are to
the Supplemental Carryforward Schedule, specify the column year in the
be used for prior-year NM NOLs.
space provided.
Column 2. Enter the amount of NM NOL you incurred in the tax year
in column 1. Use Worksheet 1 to determine the amount of NM NOL in- Column 6 - NM NOL expired. Enter the amount of NM NOL that expires
curred in the tax year of the loss. When completing Worksheet 1, use the in the current year because the balance of the remaining NM NOL cannot
information from the CIT-1 tax return you filed for the year you incurred be carried forward for more than 19 years for NM NOLs incurred after
the NM NOL. December 31, 2012. See About the New Mexico Net Operating Loss
(NM NOL) in the previous column for more details.
If you are reporting all or a portion of a NM NOL in column 2 that was
established on the New Mexico income tax return of an entity or entities Column 7, NOL carryforward available for next year, Enter the amount
other than the entity claiming the NM NOL carryforward, also complete of NM NOL that will be available for carryforward to next year. From the
Worksheet 3 and attach it to this form RPD-41379. Report the name, NM NOL you incurred and reported in column 2, subtract the amounts
FEIN, the tax year of the return establishing the NM NOL for the entity, included in columns 4, 5, and 6.

- 4 -

RPD-41379 2019 State of New Mexico Taxation and Revenue Department
Rev. 11/04/2019
2019 New Mexico Net Operating Loss Carryforward Schedule for Corporate Income Tax
Instructions - Page 2 of 4

Worksheet 1, for Column 2 of the Carryforward Schedule
Computing the NM NOL incurred in prior years.

Line 1. Federal NOL as defined by Section 172(c) of the Internal Revenue Service for the tax year of the loss. Enter
the loss amount as a positive number.

Line 2. Interest received on U.S. Government obligations less related expenses and reported on the New Mexico
tax return for the tax year of the loss. This amount is reported on CIT-1, page 2, line 6, in the tax year of
the loss.

Line 3. Enter the sum of lines 1 and 2. This is the NM NOL loss incurred in the year of the loss to be reported in
column 2 of the Carryforward Schedule.

Worksheet 2, for Columns 3 and 4 of the Carryforward Schedule
Computing the net income before NM NOL is applied and the loss used
in the current tax year.
From the 2019 Form CIT-1:

Enter the 2019 New Mexico base income, from Form CIT-1, page 2, line 4. This is the net
1. income before the NM NOL is applied. Enter in column 3, row 1.

2. Enter the sum of prior year NM NOL carryforward available.

Enter the lesser of lines 1 and 2. This is the excludable New Mexico NOL carryforward amount.
3.
Also enter this amount in line 1, at the bottom of column 4.

- 5 -

RPD-41379 2019      State of New Mexico Taxation and Revenue Department
Rev. 11/04/2019
               2019 New Mexico Net Operating Loss Carryforward Schedule for Corporate Income Tax
                         Instructions - Page 3 of 4

               If applicable, submit this worksheet with your income tax return attached to Form RPD-41379.

                    Worksheet 3, for Column 2 of the Carryforward Schedule. 
               Identify the source of the NM NOL when the NM NOL is established on the New Mexico income tax return, 
                    of an entity other than the entity claiming the NM NOL carryforward.

               Name FEIN Tax year of the return establishing the loss                   The amount of the NM NOL

                         Worksheet 3 Instructions

If you are reporting all or a portion of a NM NOL also in column 2 that was established on the New Mexico income tax return of an entity(ies) other 
than the entity claiming the NM NOL carryforward, also complete Worksheet 3 and attach it to Form RPD-41379. Report the name, FEIN, the tax 
year of the return as reported on the New Mexico Income tax return that established the NM NOL for the entity, and the amount of the NM loss 
incurred.

- 6 -

RPD-41379 2019 State of New Mexico Taxation and Revenue Department
Rev. 11/04/2019
2019 New Mexico Net Operating Loss Carryforward Schedule for Corporate Income Tax
Instructions - Page 4 of 4

Example
In tax year 2019, taxpayer X has tax due and wants to carryforward prior-year losses to offset the income on X’s 2019 CIT-1 return.
X incurred an NM NOL of $48,000 in 2013. In tax years 2016, 2017, and 2018, 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 2013 towards the net income for tax years 2016, 2017, and
2018. For current tax year 2019, the net taxable income that X calculates before NM NOL is $8,000. X may use the loss incurred in 2013 towards X’s
2019 net income. Because X can carry forward the balance from the 2013 NM NOL for more than five years beginning on or after January 1, 2013,
X reports $0 in Column 6 and $29,000 available of NM NOL that can be carried forward for next year. X completes Form RPD-41379, as shown here:

Page 1 of 1
Col. 1 Col. 2 Col. 3 Col. 4 Col. 5 Col. 6 Col. 7
Tax Year Net Operating 2019 NM 2019 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 the Expired Carryforward
in the year in NM NOL The sum of column 4 amount in the column corresponding to the year when you applied it.
available for
column 1 from Worksheet 2, cannot be greater
line 1 than column 3 for next year
tax year 2019. 2018 2017 2016 2015 2014

2019 8,000

2013 48,000 8,000 2,500 1,500 7,000 29,000

Subtotal page 1. + 8,000 Enter the sum of column 4 from page 1 of this schedule.

Total Additional. + Enter the sum of column 4 from all pages of this schedule.
Loss used during 2019 tax year. Enter the sum of column 4, Subtotal page 1 plus Total Additional.
Line 1. = 8,000 Line 1 must equal line 3 from Worksheet 2. This amount is also entered on Form CIT-1, page 2, line 5.

PDF file checksum: 3788112889

(Plugin #1/8.13/12.0)