RPD-41375: 3. RPD-41375, 2025 Net Operating Loss Carryforward Worksheet For Fiduciary Income Tax (2025)
New Mexico · New Mexico TRD · Used for tax years 2025
Form RPD-41375 calculates the New Mexico net operating loss carryforward deduction for an estate or trust’s 2025 fiduciary income tax return. It tracks losses incurred, amounts used in 2025 and prior years, expired losses, and the balance available for next year.
Who files this form
An estate or trust reporting a New Mexico net operating loss (NM NOL) carryforward deduction on 2025 Form FID-1, page 2, line 5, must file RPD-41375 with its 2025 fiduciary income tax return.
Use this schedule to calculate the deduction and track prior-year losses, amounts already used, expired amounts, and the balance available for next year.
What you'll need
Have these returns and details ready:
- The estate or trust’s name and FEIN.
- The FID-1 return filed for each year in which the loss occurred, to complete Worksheet 1.
- The federal net operating loss for each loss year, plus interest on U.S. government obligations less related expenses reported on that year’s FID-1, page 2, line 6.
- The 2025 FID-1 return, including federal taxable income on line 1 and additions to federal income on page 1, line 2, to complete Worksheet 2.
- Details of prior-year NM NOL carryforwards, including when each loss occurred, amounts used in previous years, and amounts expiring.
How to file
File the completed carryforward schedule with your 2025 New Mexico Form FID-1 when claiming an NM NOL carryforward deduction.
- Complete the schedule using Worksheets 1 and 2.
- If reporting more than five years of NM NOL, use the Supplemental Carryforward Schedule. Include its column 4 subtotal in the main schedule’s total.
- Enter the total loss used for 2025 on schedule line 1 and on Form FID-1, page 2, line 5.
- Do not submit Worksheets 1 and 2 to the Department.
The supplied text does not give a mailing address or e-filing instructions.
Common mistakes
- Submitting the worksheets: Do not send Worksheets 1 and 2 to the Department.
- Claiming too much loss: The total in column 4 cannot exceed the 2025 NM net income before the NM NOL deduction shown in column 3, row 1.
- Using totals that do not match: Schedule line 1 must equal Worksheet 2, line 5, and Form FID-1, page 2, line 5.
- Leaving out supplemental totals: Include all supplemental schedules’ column 4 subtotals in the main schedule’s Total Additional amount.
- Filling column 3 for prior years: Enter the 2025 amount in row 1 and leave column 3 blank for other years.
Questions people ask
Can an estate or trust have a New Mexico NOL without a federal NOL?
No. All NM NOLs must come from a federal net operating loss.
Can a New Mexico NOL be carried back?
No. A New Mexico net operating loss cannot be carried back.
How long can a loss be carried forward?
A loss incurred on or after January 1, 2013, may be carried forward for 19 years or until fully used, whichever happens first. Losses incurred in tax years beginning before January 1, 2013, may be carried forward for only five years.
When can I first use a New Mexico NOL?
If the return establishing the loss was filed on time, you can first use the loss in the following tax year. For an amended return or an original return filed late, you can first use it in the first tax year beginning after the date you file the 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 reported in column 2. Enter the remaining balance in column 7.