RPD-41375: 07. RPD-41375 2024 Net Operating Loss Carryforward Worksheet For Fiduciary Income Tax (2024)
New Mexico · New Mexico TRD · Used for tax years 2024
Form RPD-41375 calculates the New Mexico net operating loss carryforward deduction for 2024 fiduciary income tax. It tracks losses from prior years, amounts used in 2024 and earlier years, expired losses, and the balance available to carry forward to next year.
Who files this form
File RPD-41375 with your 2024 New Mexico Form FID-1, Fiduciary Income Tax Return, if you are claiming a New Mexico net operating loss (NM NOL) carryforward deduction.
This schedule calculates the deduction used for 2024 and tracks prior-year losses, amounts already used, expired losses, and the balance available for next year. A New Mexico NOL must come from a federal net operating loss.
What you'll need
Have the following information ready:
- The taxpayer’s name and FEIN.
- Your 2024 Form FID-1, including federal taxable income and additions to federal income.
- The FID-1 returns filed for the years in which you incurred the losses.
- The federal NOL for each loss year and interest received on U.S. government obligations, less related expenses, reported for that year.
- The amounts of prior-year NM NOL carryforwards available, amounts used in previous years, and any amounts expiring in 2024.
Use Worksheets 1 and 2 to complete the schedule. Use the Supplemental Carryforward Schedule if you need to report more than five years of NM NOL.
How to file
File the completed carryforward schedule with your 2024 New Mexico Form FID-1. Do not submit Worksheets 1 and 2 to the Department. The supplied text does not give a mailing address or e-file directions.
To complete the schedule:
- Use Worksheet 1 and the FID-1 return for each loss year to calculate the NM NOL incurred.
- Use Worksheet 2 and your 2024 FID-1 to calculate 2024 net income before the NM NOL deduction and the loss available to use.
- For each prior-year loss, report the year incurred, the loss amount, amounts used in 2024 and earlier years, any expired amount, and the balance available for next year.
- Add the amounts in column 4, including any supplemental schedules, and enter the total on line 1. This total must equal Worksheet 2, line 5, and is also entered on 2024 Form FID-1, page 2, line 5.
Common mistakes
- Submitting the calculation worksheets. The form says not to submit Worksheets 1 and 2 to the Department.
- Using more loss than the income limit allows. The total in column 4 cannot exceed 2024 net income before the NM NOL deduction in column 3, row 1.
- Leaving out supplemental schedule totals. Include all supplemental column 4 subtotals in the main schedule’s Total Additional amount and line 1 total.
- Entering income in prior-year rows of column 3. Enter 2024 net income in row 1 only. Leave column 3 blank for other years.
- Reporting totals that do not match. Schedule line 1 must equal Worksheet 2, line 5, and the NM NOL amount entered on Form FID-1, page 2, line 5.
Questions people ask
Can I have a New Mexico NOL without a federal NOL?
No. All New Mexico NOLs must flow from a federal net operating loss.
Can I carry a New Mexico NOL back to an earlier year?
No. A New Mexico NOL cannot be carried back.
How long can I carry a loss forward?
A New Mexico NOL incurred on or after January 1, 2013, may be carried forward for 19 years or until fully used, whichever happens first. For losses incurred in tax years beginning before January 1, 2013, the stated carryforward period is five years. The instructions refer readers to regulation 3.3.1.13(E) NMAC 1978 for losses incurred in tax years beginning before January 1, 1991.
When can I first use a New Mexico NOL?
If you filed your return on time, you can first apply the loss in the following tax year. For an amended return or an original return filed late, you can first apply it in the first tax year that begins after the date you file the return establishing the loss.
How do I calculate the balance available for next year?
Start with the loss in column 2. Subtract the amounts in columns 4, 5, and 6, which cover losses used in 2024, losses used in prior years, and expired losses. Enter the remaining balance in column 7.