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    3                                                    FINAL DRAFT 10/2/23                                                                           3
    4                                                                                                                                                  4
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    6                                                                                                              *234511*                            6
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    8                                                                                                                                                  8
       2023 NOL, Net Operating Loss Deduction 
    9                                                                                                                                                  9
    10 Combined Income Return Filers: Complete a separate Schedule NOL for each corporation that is carrying forward a net operating                   10
    11 loss (NOL).                                                                                                                                     11
    12                                                                                                                                                 12
    13 NAME OF CORPORATION                                                  123456789       123456789                                                  13
    14 Name of Corporation                                                           FEIN                          Minnesota Tax ID Number             14
    15                                                                                                                                                 15
    16                                                                                                                                                 16
    17                                                                                                                                                 17
    18                                                                                                                                                 18
    19       Year                     Taxable Net Income/Loss              Minnesota Losses Used                   Losses Remaining                    19
    20   Oldest Loss Year                                                                                                                              20
    21 1900                           123456789                            123456789                               123456789                           21
    22   Subsequent Year 1                                                                                                                             22
    23 1900                           123456789                            123456789                               123456789                           23
    24   2                                                                                                                                             24
    25 1900                           123456789                            123456789                               123456789                           25
    26   3                                                                                                                                             26
    27 1900                           123456789                            123456789                               123456789                           27
    28   4                                                                                                                                             28
    29 1900                           123456789                            123456789                               123456789                           29
    30   5                                                                                                                                             30
    31 1900                           123456789                            123456789                               123456789                           31
    32   6                                                                                                                                             32
    33 1900                           123456789                            123456789                               123456789                           33
    34   7                                                                                                                                             34
    35 1900                           123456789                            123456789                               123456789                           35
    36   8                                                                                                                                             36
    37 1900                           123456789                            123456789                               123456789                           37
    38   9                                                                                                                                             38
    39 1900                           123456789                            123456789                               123456789                           39
    40   10                                                                                                                                            40
    41 1900                           123456789                            123456789                               123456789                           41
    42   11                                                                                                                                            42
    43 1900                           123456789                            123456789                               123456789                           43
    44   12                                                                                                                                            44
    45 1900                           123456789                            123456789                               123456789                           45
    46   13                                                                                                                                            46
    47 1900                           123456789                            123456789                               123456789                           47
    48   14                                                                                                                                            48
    49 1900                           123456789                            123456789                               123456789                           49
    50   15                                                                                                                                            50
    51 1900                           123456789                            123456789                               123456789                           51
    52                                            2023 Summary:            Net Operating Loss Deduction Total Losses Remaining (to be carried forward) 52
    53                                                                     123456789                               123456789                           53
    54                                                             Enter on Form M4T, line 6                                                           54
    55                                                                                                                                                 55
    56                                                                                                                                                 56
    57                                                                                                                                                 57
    58                                                                                                                                                 58
    59                                                                                                                                                 59
    60                                                                                                                                                 60
    61                                                                                                                                                 61
    62                                                                                                                                                 62
    63                                                                    9995                                                                         63
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    65                                                                                                                                                 65

                                                                       FINAL DRAFT 10/2/23

2023 Schedule NOL Instructions

The purpose of this form is to show the sources and applications of net operating losses. Only the years used to calculate the net operating 
loss, and the years the losses are used, need to be listed. 
Your net operating loss deduction is limited to 70% (.70) of your taxable net income for the year.
Net operating losses may be carried forward only. The carryforward period is 15 years. 
A net operating loss incurred in a prior year and not previously used to offset net income may be deducted on Form M4T, line 6.
Corporations whose business is conducted entirely in Minnesota may deduct the full amount of any previously unused net operating loss after 
the 70% limit is applied.
Corporations that apportion their income to Minnesota may deduct any previously unused net operating loss at the apportionment percentage 
of the loss year.
Corporations may not create or increase the net operating loss by:
•  The deduction for dividends received, Form M4T, line 8 
•  The foreign royalties subtraction for tax years beginning before 2013 
Minnesota net operating loss limitations on use:
•  For tax years beginning before January 1, 2018, the Minnesota Losses Used is limited to 100% of the Taxable Net Income amount.  
•  For tax years beginning after December 31, 2017, and before January 1, 2023, the Minnesota Losses Used is limited to 80% of the Taxable 
 Net Income amount.
•  For tax years beginning after December 31, 2022, the Minnesota Losses Used is limited to 70% of the Taxable Net Income amount.
Acquired net operating losses are subject to limitation as determined under Internal Revenue Code section 382(g).
To complete the worksheet:
•  Enter your taxable net income or loss for the year in the Taxable Net Income/Loss column. If your return was amended or adjusted, use the 
 most recent amounts for that year.
•  If the amount is a loss, add it to the total in the previous year’s Losses Remaining column and enter the sum in the Losses Remaining 
 column.
•  If the amount is income, and losses from previous years are being used to reduce that income, enter the amount of loss being used to reduce 
 the income in the Minnesota Losses Used column. The amount of loss being used in each year is limited to 70% (.70) of the taxable net 
 income for the year.
Complete Schedule NOL and attach a copy with your Minnesota tax return. 
A separate Schedule NOL is required for each corporation in a unitary group that is claiming a net operating loss deduction.

Example: 
   Year                   Taxable Net Income/Loss                        Minnesota Losses Used                   Losses Remaining
  Oldest Loss Year
   12/31/14                        (13,000)                              --------                                       (13,000)
  Subsequent Year 1
   12/31/15                        4,000                                 (4,000)                                        (9,000)
  2
   12/31/16                        (5,000)                                                                              (14,000)
  3
   12/31/17                        6 ,000                                (6,000)                                        (8,000)
  4
   12/31/18                        (8,000)                               --------                                       (16,000)
  5
   12/31/19                        10 ,000                               (8,000)                                        (8,000)
  6
   12/31/20                        5,000                                 (4,000)                                        (4,000)
  7
   12/31/21                        2,000                                 (1,600)                                        (2,400)
  8
   12/31/22                        (3,000)                               --------                                       (5,400)
  9
   12/31/23                        4,000                                 (2,800)                                        (2,600)
                                                             Net Operating Loss Deduction         Total Losses Remaining (to be carried forward)
                                                                         (2,800)                                        (2,600)
                                   2023 Summary:             Enter on Form M4T, line 6