Schedule U-NOLS: Member’s Shared Loss Carryover (2024)
Massachusetts · Massachusetts DOR · Used for tax years 2024
Massachusetts Schedule U-NOLS reports a combined group member’s shared loss carryover for 2024. It calculates the member’s taxable income against which shared net operating losses (NOLs) may be deducted and records deductions for losses of other group members by tax period.
What you'll need
Have these schedules and details available to complete Schedule U-NOLS:
- Schedule U-MSI: amounts from lines 33, 31 and 29.
- Schedule U-ST: the amount from line 26.
- The member’s name, federal identification number and unitary business identifier.
- The principal reporting corporation’s name and federal identification number, plus the combined group’s year-end date.
- Whether an affiliated group or worldwide election is in effect, and whether the member is a mutual fund service corporation.
- Any non-deductible capital loss attributable to this business.
- Period-end dates for other members’ available losses that may be shared, and the shared NOL amounts being deducted.
How to file
File electronically. The form states that paper returns will not be accepted.
For questions about electronic filing, call 617-887-6367. See the Department of Revenue’s electronic filing and payment requirements for more information. The form also refers filers to TIRs 16-9 and 21-9.
Common mistakes
- Sending a paper return: The form repeatedly warns that electronic filing is required and paper returns will not be accepted.
Questions people ask
What does Schedule U-NOLS calculate?
It calculates the member’s taxable income against which a shared NOL may be taken and the amount of other members’ shared NOL being deducted by this member.
How do I determine the income limit on line 9?
If the group is subject to an affiliated group election, enter the amount from line 8. All other taxpayers enter the smaller of line 7 or line 8.
In what order do I list available losses?
Line 10 asks for the period-end date of the oldest tax period for which another member has an available loss that may be shared. The following entries ask for the next oldest tax periods.
Can the shared NOL deduction exceed the available income?
Line 11 cannot be greater than line 9. Each later deduction entry is limited to the remaining income shown on the line specified by the form.
Where do I total the shared NOL deduction?
Use line 69. Add the deduction amounts on lines 11, 14, 17, 20, 23, 26, 29, 32, 35, 38, 41, 44, 47, 50, 53, 56, 59, 62, 65 and 68.