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RPD-41375 2020 New Mexico Taxation and Revenue Department
Rev. 07/01/2020
2020 New Mexico Net Operating Loss Carryforward Schedule for Fiduciary 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 fiduciary 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 FID-1, page 2, line 4, this schedule must be filed with New Mexico 2020 Form FID-1, Fiduciary Income Tax Return.
Page 1 of
Col. 1 Col. 2 Col. 3 Col. 4 Col. 5 Col. 6 Col. 7
Tax Year Net operating 2020 NM 2020 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 7 than column 3 for next year
tax year 2020. 2019 2018 2017 2016 2015

2020

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 2020 tax year. Enter the sum of column 4, Subtotal page 1 plus Total Additional.
Line 1. Line 1 must equal line 5 from Worksheet 2. This amount is also entered on Form FID-1, page 2, line 4.

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 2020 NM net income before the current year NM NOL deduction is applied in column 3, row 1.
Line 1 of the schedule above (the sum of column 4) is the sum of the NM NOL carryforward loss used in the 2020 tax year. The amount on line 1 is also entered on 2020 Form FID-1,
page 2, line 4. 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 next year.

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RPD-41375 2020 New Mexico Taxation and Revenue Department
Rev. 07/01/2020
2020 New Mexico Net Operating Loss Carryforward Schedule for Fiduciary 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 2020 NM 2020 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 7 than column 3 for next year
tax year 2020. 20 20 20 20 20

2020

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
Additional. (This amount must be included in the total sum reported in Line 1 of the carryforward sched-
ule).

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RPD-41375 2020 New Mexico Taxation and Revenue Department
Rev. 07/01/2020
2020 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) ule, column 3, row 1. For any other year, leave this column blank.

All NM NOLs must flow from a federal net operating loss. You cannot have a NM Enter that part of the NM NOL incurred (col-
Column 4. Loss Applied.
NOL without first having a federal net operating loss.
umn 2) that you used during tax year 2020. The total of column 4 (line 1)
Unlike a federal net operating loss carryforward, a New Mexico net operating loss must be equal to Worksheet 2, line 5, and may not exceed the current
incurred cannot be carried back and if incurred on or after January 1, 2013, may be year NM net income before NM NOL carryforward shown in column 3, row
carried forward for 19 years or until the total amount of the loss carryover has been 1. This is your excludable NM NOL used in the current tax year. The sum
used, whichever occurs first. For a net operating loss that was incurred in tax years of column 4 must match the amount you entered on Form FID-1, page 2,
beginning before January 1, 2013, a New Mexico net operating loss may be carried
line 4, New Mexico net operating loss.
forward for only five years. Refer to regulation 3.3.1.13(E) NMAC 1978, if the net
operating loss was incurred in a tax year 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, or 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
• In the case of an amended return or original return not timely filed you can will be the amount entered on Line 1 which is the total of all carryforward
apply it the first tax year that begins after the date you file a return establishing
schedules used.
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 2020 tax year. Use subsequent rows Enter the amount of NM NOL that expires
Column 6. NM NOL Expired.
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 Enter the amount
Column 7. NOL Carryforward Available for Next Year.
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. 2020 NM net income before any NM NOL. Enter the 2020
included in columns 4, 5, and 6.
NM net income before applying any NM NOL deduction. Complete Work-
sheet 2, using the information from your 2020 FID-1 return. Transfer the
amount from Worksheet 2, line 3, to the NM NOL Carryforward Sched-

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RPD-41375 2020 New Mexico Taxation and Revenue Department
Rev. 07/01/2020
2020 New Mexico Net Operating Loss Carryforward Schedule for Fiduciary Income Tax
Instructions - Page 2 of 3

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 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 FID-1, page 2, line 5, 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 2020 FID-1:

1. Enter the 2020 federal taxable income of the fiduciary, reported on FID-1, line 1.

2. Enter the additions to federal income, reported on FID-1, page 1, line 2.

Enter the sum of lines 1 and 2. This is the net income before the NM NOL is applied. Enter in
3.
column 3, row 1.

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

Enter the lesser of lines 3 and 4. This is the excludable New Mexico NOL carryforward amount.
5.
Also enter this amount on line 1, at the bottom of column 4.

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RPD-41375 2020 New Mexico Taxation and Revenue Department
Rev. 07/01/2020
2020 New Mexico Net Operating Loss Carryforward Schedule for Fiduciary Income Tax
Instructions - Page 3 of 3

Example
In tax year 2020, taxpayer X has tax due and wants to carryforward prior-year losses to offset the income on X’s 2020 FID-1 return.
X incurred an NM NOL of $48,000 in 2013. In tax years 2016, 2017, 2018, and 2019 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, 2018, and
2019. For current tax year 2020, the net taxable income that X calculates before NM NOL is $8,000. X may use the loss incurred in 2013 towards X’s
2020 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 $21,000 available of NM NOL that can be carried forward for next year. X completes Form RPD-41375, as follows:
Page 1 of 1
Col. 1 Col. 2 Col. 3 Col. 4 Col. 5 Col. 6 Col. 7
Tax Year Net Operating 2020 NM 2020 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 7 than column 3 for next year
tax year 2020. 2019 2018 2017 2016 2015

2020 8,000

2013 48,000 8,000 8,000 2,500 1,500 7,000 21,000

EXAMPLE

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 2020 tax year. Enter the sum of column 4, Subtotal page 1 plus Total Additional.
= 8,000 Line 1 must equal line 5 from Worksheet 2. This amount is also entered on Form FID-1, page 2, line 4.
Line 1.

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