PDF document

- 1 -

RPD-41369 2021 New Mexico Taxation and Revenue Department
Rev. 07/22/2021
2021 New Mexico Net Operating Loss Carryforward Schedule for Personal Income Tax

Taxpayer’s name SSN

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 personal 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 need
to report more than five years of NM NOL, use the Supplemental Carryforward Schedule on the next page. If you are reporting an NM NOL deduction from a carryforward on Schedule
PIT-ADJ, line 7, file this RPD-41369 schedule with New Mexico 2021 Form PIT-1, Personal Income Tax Return. 1
Page _______ of _______
Col. 1 Col. 2 Col. 3 Col. 4 Col. 5 Col. 6 Col. 7
Tax Year Net Operating 2021 NM 2021 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 cannot be greater Next Year
Worksheet 2, line 7 than column 3 for
tax year 2021. 2020 2019 2018 2017 2016

2021

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.

Line 1. = Loss used during 2021 tax year. Enter the sum of column 4, Subtotal page 1 plus Total Additional.
Line 1 must equal line 9 from Worksheet 2. This amount is also entered on Schedule PIT-ADJ, line 7.

Complete the Carryforward Schedule and Supplemental Carryforward Schedule (if applicable) using the instructions and Worksheets 1 and 2 on the following pages. Do not submit
Worksheets 1 and 2 to the Department. Use Worksheet 1 to calculate the NM NOL incurred in prior years. Use Worksheet 2 to calculate the 2021 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 NM NOL carryforward loss used in the 2021 tax year.
Enter the amount from line 1 on 2021 Schedule PIT-ADJ, line 7. For each row showing a prior-year NM NOL incurred, complete the row showing when you incurred the NM NOL, how
it has been applied, any expired amount, and the NM NOL carryforward balance available for the next year.

- 2 -

RPD-41369 2021 New Mexico Taxation and Revenue Department
Rev. 07/22/2021
2021 New Mexico Net Operating Loss Carryforward Schedule for Personal Income Tax

Supplemental Carryforward Schedule

Taxpayer’s name SSN

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 2021 NM 2021 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 cannot be greater Next Year
Worksheet 2, line 7 than column 3 for
tax year 2021. 20_____ 20_____ 20_____ 20_____ 20_____

2021

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-41369 2021 New Mexico Taxation and Revenue Department
Rev. 07/22/2021
2021 New Mexico Net Operating Loss Carryforward Schedule for Personal Income Tax Instructions
Page 1 of 3

About the New Mexico Net Operating Loss (NM NOL) Column 3. 2021 NM Net Income Before NM NOL. Enter the 2021 NM
net income before applying any NM NOL deduction. Complete Worksheet
All NM NOLs must flow from a federal net operating loss. You cannot have
2 using the information from your 2021 PIT-1 return. Transfer the amount
NM NOL without first having a federal net operating loss.
from Worksheet 2, line 6 to the NM NOL Carryforward Schedule, column
Unlike a federal net operating loss carryforward, a New Mexico net operating 3, row 1. For any other year, leave this column blank.
loss incurred cannot be carried back and if incurred on or after January 1,
2013, may be carried forward for 19 years or until the total amount of the loss Column 4. Loss Used. Enter that portion of the NM NOL incurred (col-
umn 2) that you used during tax year 2021. The total of column 4, line 1,
carryover has been used, whichever occurs first. For a net operating loss that
must be equal to Worksheet 2, line 9, and may not exceed the current
was incurred in tax years beginning before January 1, 2013, a New Mexico net
year NM net income before NM NOL carryforward shown in column 3, row
operating loss could be carried forward for only five years. Refer to regulation
1. This is your excludable NM NOL used in the current tax year. The sum
3.3.1.13(E) NMAC 1978, if the net operating loss was incurred in a tax year
of column 4 must match the amount you entered on Schedule PIT-ADJ,
beginning prior to January 1, 1991.
line 7, NM net operating loss.

The first year you can apply a NM NOL is: If you are using a Supplemental Carryforward Schedule, add the sub-
• If you filed your return on time, you can apply it the following tax year, totals on all supplemental schedules and enter the amount on to the Total
or Additional line of column 4 on page 1 of the main NM NOL carryforward
schedule. The sum of Subtotal page1 and Total Additional lines will be
• You can apply it the first tax year that begins after the date you file a
the amount entered on Line 1 which is the total of all carryforward sched-
return establishing the loss.
ules used.

Instructions for Completing the NM NOL Carryforward Column 5. Year Loss Applied. Use the year columns to record how you
Schedule and Supplemental Carryforward Schedules applied a prior-year NM NOL. Under the column year for each prior-year
Enter the taxpayer’s name and social security number in the fields at the NM NOL you incurred, show the amount of NM NOL you applied. On
top of the page. If you are using more than one schedule, enter the page the Supplemental Carryforward Schedule, specify the column year in the
number in the fields provided on the top right of the schedule. space provided.

Column 1. Tax Year. Enter the tax year when you incurred a NM NOL to Enter the amount of NM NOL that expires
Column 6. NM NOL Expired.
which a NM NOL carryforward is available to use in the current year. Row in the current year because the balance of the remaining NM NOL can-
1 includes only information for the 2021 tax year. Use subsequent rows not be carried forward for more than 19 years for NM NOLs incurred after
and supplemental carryforward schedules, if applicable, for prior-year NM December 31, 2012. See About the New Mexico Net Operating Loss
NOLs. in the previous column for more details.
(NM NOL)

Column 2. Net Operating Loss Incurred. Enter the amount of NM NOL Enter the amount
Column 7. NOL Carryforward Available for Next Year.
you incurred during the year in column 1. Use Worksheet 1 to determine of NM NOL that will be available for carryforward the next year. From the
the amount of NM NOL incurred in the tax year of the loss. Complete a NM NOL you incurred and reported in column 2, subtract the amounts
separate Worksheet 1 for each year you incurred NM NOL on or after included in columns 4, 5, and 6.
January 1, 2013. Use the information from the PIT-1 tax return you filed
for the year you incurred the NM NOL.

- 4 -

RPD-41369 2021 New Mexico Taxation and Revenue Department
Rev. 07/22/2021
2021 New Mexico Net Operating Loss Carryforward Schedule for Personal Income Tax Instructions
Page 2 of 3

Worksheet 1. For Column 2 of the Carryforward Schedule
Computing 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. This amount is reported on Schedule PIT-ADJ 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 that you report in
Column 2 of the Carryforward Schedule.

Worksheet 2. For Columns 3 and 4 of the Carryforward Schedule
Computing net income before the current year NM NOL deduction is applied;
use the information on your 2021 PIT-1 and 2021 PIT-ADJ for the entries below.

1. Enter the federal adjusted gross income reported on Form 2021 PIT-1, line 9.

2. + Enter the amount of state and local income tax deduction reported on Form 2021 PIT-1, Line 10. +

3. + Enter the additions to federal adusted gross income from Form 2021 PIT-1, line 11.
+

4. - Enter the standard or itemized deduction amount reported on Form 2021 PIT-1, line 12. -
Federal exemption amounts are suspended for tax years 2018 through 2025 by the Federal Tax Cuts
5.
- and Jobs Act. The amount on this line is zero (0) until the expiration date.
- 0

6. - Enter the taxable refunds, credits, or offsets of state and local income taxes, reported on Schedule -
2021 PIT-ADJ, line 20.

7. = Enter the sum of lines 1, 2, and 3, less the sum of lines 4 through 6, but not below zero. This is =
the net income before applying the NM NOL. Enter in column 3 of the Carryforward Schedule.
8. Enter the sum of prior-year NM NOL carryforward available. +
9. Enter the lesser of lines 7 and 8. This is the excludable NM NOL carryforward amount. Also enter
this amount in line 1 at the bottom of column 4. =

- 5 -

RPD-41369 2021 New Mexico Taxation and Revenue Department
Rev. 07/22/2021
2021 New Mexico Net Operating Loss Carryforward Schedule for Personal Income Tax Instructions
Page 3 of 3
Example
In tax year 2021, taxpayer X has tax due and wants to carryforward prior-year losses to offset the income on X’s 2021 personal income tax return.
X incurred an NM NOL of $48,000 in 2013. In tax years 2017, 2018, 2019, and 2020, X calculated the current year net income before applying NM
NOL at $7,000, $1,500, $2,500, and $8,000, respectively. X applied the NM NOL incurred in tax year 2013 towards the net income for tax years 2017,
2018, 2019, and 2020. For current tax year 2021, the net taxable income that X calculates before NM NOL is $9,000. X may use the loss incurred in
2013 towards X’s 2021 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 $20,000 available of NM NOL that can be carried forward for next year. X completes Form RPD-41369
as shown here. 1
Page _______ of _______
Col. 1 Col. 2 Col. 3 Col. 4 Col. 5 Col. 6 Col. 7
Tax Year Net Operating 2021 NM 2021 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 sum of column 4 the amount in the column corresponding to the year when you applied it. Available for
column 1 from cannot be greater Next Year
Worksheet 2, line 7 than column 3 for
tax year 2021. 2020 2019 2018 2017 2017

2021 9,000

2013 48,000 9,000 8,000 2,500 1,500 7,000 0 20,000

EXAMPLE

Subtotal page 1. + 9,000 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 2021 tax year. Enter the sum of column 4, Subtotal page 1 plus Total Additional.
Line 1. = 9,000 Line 1 must equal line 9 from Worksheet 2. This amount is also entered on Schedule PIT-ADJ, line 7.

PDF file checksum: 737766215

(Plugin #1/9.12/13.0)