Schedule NOL: Net Operating Loss Carryforward (2024)
Massachusetts · Massachusetts DOR · Used for tax years 2024
Massachusetts Schedule NOL tracks net operating loss carryforwards for 2024. It reports losses available by tax year, amounts used or shared with other members, expired losses, and the remaining carryover available for future years.
Who files this form
Schedule NOL reports a corporation’s Massachusetts net operating loss (NOL) carryforward. The form lists these return types: 355, 355S, 355U and M-990T.
The supplied form does not explain which corporations are required to complete the schedule.
What you'll need
Have the following information ready to complete the schedule:
- The corporation’s name, federal identification number, tax year and return type.
- The date of the most recent ownership change.
- Total income allocated or apportioned to Massachusetts for the year.
- Last year’s tax return, to compare the NOL remaining with the amount now available.
- Loss records by tax year end showing Massachusetts post-apportionment NOL available, used, shared with other members and remaining.
- Any expired NOL amounts.
- If applicable, the corporation’s Massachusetts limitation under Internal Revenue Code (IRC) § 382.
How to file
File electronically. The form warns that paper returns will not be accepted.
For questions about electronic filing, call 617-887-6367. See the Massachusetts Department of Revenue’s electronic filing and payment requirements for more information.
Common mistakes
- Submitting a paper return. The form is marked “E-File Only” and warns that paper returns will not be accepted.
Questions people ask
How long can losses be carried forward?
The form says losses may be carried forward up to 20 years. List available losses by tax year end, starting with the oldest prior year and then each succeeding prior taxable year.
What if an available loss differs from last year’s return?
Fill in the indicator on line 2 if the NOL available for any listed year differs from the NOL remaining on last year’s tax return. Explain the difference in the space provided.
What if the corporation is subject to an IRC § 382 limitation?
Fill in the indicator on line 3. The form says the taxpayer must separately determine and apply its Massachusetts IRC § 382 limitation under 830 CMR 63.30.2(9)(b).
How do I calculate the carryover available for future years?
Subtract total NOL used on line 6 and total NOL shared on line 7 from total NOL available on line 5. Enter the result on line 8. Then subtract expired NOL on line 9 from line 8 and enter the remaining carryover on line 10.