RPD-41369: RPD-41369 2025 New Mexico Net Operating Loss Carryforward Schedule for Personal Income Tax (2025)
New Mexico · New Mexico TRD · Used for tax years 2025
Form RPD-41369 calculates your New Mexico net operating loss carryforward deduction for 2025 personal income tax. It tracks losses incurred, amounts used in 2025 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 2025 New Mexico Form PIT-1 if you claim a New Mexico net operating loss (NM NOL) carryforward deduction on Schedule PIT-ADJ, line 8.
Use this schedule to calculate the deduction and track prior-year losses, amounts already used, expired amounts, and the balance available for next year. You cannot have an NM NOL unless you first have a federal net operating loss.
What you'll need
Have the following information ready:
- Your taxpayer name and Social Security number.
- Your 2025 Form PIT-1 and Schedule PIT-ADJ, which supply the figures for Worksheet 2.
- Your filed PIT-1 returns for the years when you incurred the losses.
- The federal net operating loss for each loss year and the interest on U.S. government obligations, less related expenses, reported for that year.
- The amounts of prior-year NM NOLs already used and the years when you used them.
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
File the completed RPD-41369 schedule with your 2025 New Mexico Form PIT-1 when claiming the carryforward deduction on Schedule PIT-ADJ, line 8. The supplied text does not give a mailing address or e-filing directions.
- Complete the Carryforward Schedule and any needed Supplemental Carryforward Schedules using Worksheets 1 and 2.
- For each prior-year loss, show when it arose, how much you used, any expired amount, and the balance available for next year.
- Add the column 4 amounts from the main and supplemental schedules to calculate line 1.
- Enter line 1 on your 2025 Schedule PIT-ADJ, line 8. It must also equal Worksheet 2, line 9.
Do not submit Worksheets 1 and 2 to the Department.
Common mistakes
- Submitting the worksheets: The form says not to submit Worksheets 1 and 2.
- Claiming more loss than allowed: The total loss used in column 4 cannot exceed the 2025 NM net income before the NM NOL deduction shown in column 3.
- Leaving out supplemental totals: Include the column 4 subtotals from all supplemental schedules in line 1 of the main schedule.
- Using totals that do not match: Schedule line 1 must equal Worksheet 2, line 9, and the amount on Schedule PIT-ADJ, line 8.
- Entering a negative loss on Worksheet 1: Enter the federal net operating loss on Worksheet 1, line 1, as a positive number.
Questions people ask
Can I carry a New Mexico net operating loss back to an earlier year?
No. An NM NOL cannot be carried back.
How long can I carry a loss forward?
An NM NOL incurred on or after January 1, 2013, may be carried forward for 19 years or until the full loss carryover has been used, whichever happens first.
When can I first use an NM NOL?
If you filed your return on time, you can apply the loss 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 much carryforward can I deduct for 2025?
Worksheet 2, line 9, uses the smaller of your net income before the NM NOL deduction on line 7 and your available prior-year NM NOL carryforward on line 8.
How do I calculate the balance available for next year?
For column 7, start with the loss in column 2 and subtract the amounts in columns 4, 5, and 6. Those columns show the loss used in 2025, amounts applied in previous years, and expired losses.