RPD-41369: 22. RPD-41369 2024 Net Operating Loss Carryforward Schedule for Personal Income Tax (2024)
New Mexico · New Mexico TRD · Used for tax years 2024
Form RPD-41369 calculates your New Mexico net operating loss carryforward deduction for 2024 personal income tax. It tracks losses incurred, amounts used in 2024 and prior years, expired amounts, and the balance available to carry forward to the next year.
Who files this form
File Form RPD-41369 with your 2024 New Mexico Form PIT-1 if you are claiming a New Mexico net operating loss (NM NOL) carryforward deduction on Schedule PIT-ADJ.
Use this schedule to calculate the deduction and track prior-year losses, amounts already used, expired amounts, and the balance available for the next tax year. You must have a federal net operating loss before you can have an NM NOL.
What you'll need
Have these forms and records available:
- Your name and Social Security number.
- Your 2024 Form PIT-1 and Schedule PIT-ADJ to complete Worksheet 2.
- The PIT-1 returns filed for the years when you incurred the losses.
- Your federal NOL amount for each loss year, plus interest on U.S. government obligations less related expenses reported on your New Mexico return for that year.
- Records of prior-year NM NOL amounts, when they were used, and the carryforward still available.
Complete a separate Worksheet 1 for each year you incurred an NM NOL on or after January 1, 2013. Use the Supplemental Carryforward Schedule if you need to report more than five years of losses.
How to file
- Enter your name and Social Security number. Number the pages if you use more than one schedule.
- Use Worksheet 1 to calculate prior-year NM NOL amounts and Worksheet 2 to calculate your 2024 net income before the deduction and the allowable carryforward deduction.
- Complete the schedule for each loss year, showing the loss incurred, amounts used in 2024 and previous years, any expired amount, and the balance available for next year.
- Add the column 4 totals from all supplemental schedules to the main schedule. Line 1 must equal Worksheet 2, line 9.
- Report the deduction on your 2024 Schedule PIT-ADJ and file RPD-41369 with your 2024 Form PIT-1.
Do not submit Worksheets 1 and 2 to the Department. The supplied text does not give a mailing address or e-filing directions.
Common mistakes
- Submitting the worksheets: The form says not to submit Worksheets 1 and 2 to the Department.
- Using more loss than allowed: The total in column 4 cannot exceed the 2024 net income before the NM NOL deduction shown in column 3.
- Leaving out supplemental totals: Include column 4 totals from every supplemental schedule in line 1 of the main schedule.
- Reporting totals that do not match: Line 1 of the carryforward schedule must equal Worksheet 2, line 9.
- Filling column 3 for prior years: Enter the 2024 amount in row 1 and leave column 3 blank for other years.
Questions people ask
Can I have a New Mexico NOL without a federal NOL?
No. All NM NOLs must come from a federal net operating loss.
Can I carry a New Mexico NOL back to an earlier year?
No. An NM NOL cannot be carried back.
How long can I carry a loss forward?
For losses incurred in tax years beginning on or after January 1, 2013, the carryforward period is 19 years or until the loss is fully used, whichever happens first. For losses incurred in tax years beginning before January 1, 2013, the stated carryforward period was five years.
When can I first use an NM NOL?
If you filed your return on time, you can apply the loss in the following tax year. Otherwise, you can apply it in the first tax year that begins after the date you file a return establishing the loss.
How do I calculate the balance available for next year?
Subtract the amounts in columns 4, 5, and 6 from the loss in column 2. Enter the remaining balance in column 7.