RPD-41379: 09. RPD-41379, 2024 Net Operating Loss Carryforward Worksheet For Corporate Income Tax (2024)
New Mexico · New Mexico TRD · Used for tax years 2024
Form RPD-41379 calculates the New Mexico net operating loss carryforward available for deduction on line 17 of the 2024 CIT-1 return. It records losses, adjustments, apportionment, prior use of losses, and remaining carryforward balances for a corporation or filing group.
Who files this form
File RPD-41379 with the New Mexico 2024 CIT-1 return if you claim a New Mexico net operating loss (NOL) deduction.
- Complete Section 1 only if the corporation or filing group has an NOL carryover from tax years 2013 through 2019.
- Complete Section 2 only if the corporation or filing group has an NOL carryover from tax years 2020 and later.
- For a filing group, complete separate Section 1 or Section 2 worksheets for each corporation with losses in the applicable years.
- Use Section 3 to summarize the balances and calculate the 2024 NOL deduction and remaining carryforward.
What you'll need
Have the following information available to complete the worksheet:
- Each corporation’s name and FEIN.
- New Mexico return information showing the loss reported for each applicable tax year and that tax year’s ending date.
- The New Mexico apportionment percentage reported for each loss year.
- Records of prior NOL deductions, including the amounts used and the ending dates of the tax years in which they were used.
- For Section 1, information about applicable adjustments for royalty or interest deductions involving related corporations.
- The amount of the NOL deduction to be claimed on the 2024 CIT-1.
Add pages if you need space for more loss years, prior uses of losses, or corporations.
How to file
File the completed worksheet with your New Mexico 2024 CIT-1 if you claim an NOL deduction.
Complete the applicable loss schedules in Sections 1 and 2, then carry their totals to Section 3. Include additional pages as needed.
The supplied text does not give a mailing address or electronic filing instructions.
Common mistakes
- Leaving out the worksheet: It must be filed with the 2024 CIT-1 when an NOL deduction is claimed.
- Completing an inapplicable section: Sections 1 and 2 are only for carryovers from their specified tax years.
- Combining filing-group members on one loss schedule: Complete the applicable section separately for each corporation with losses.
- Confusing a loss with a deduction: Section 1, line 2 asks for the loss reported in that year, not the NOL deduction claimed that year.
- Using the wrong apportionment percentage: Use the percentage reported for the year of the loss.
- Entering a negative Section 1 balance: If Section 1, line 6 is negative, enter zero.
- Overstating loss use in Section 2: The total deductions listed on line 5a cannot exceed the apportioned loss on line 4.
Questions people ask
What does this worksheet calculate?
It calculates the New Mexico NOL carryforward available for a deduction, summarizes the 2024 deduction, and shows the remaining carryforward balance.
Can an NOL deduction be carried back to an earlier year?
No. The text says New Mexico does not allow an NOL deduction to be carried back to prior years.
Is the NOL deduction limited?
Yes. The text says the deduction includes the 80% limitation under Internal Revenue Code Section 172(a) as of January 1, 2018, calculated using the taxpayer’s apportioned net income.
Which 2024 CIT-1 line receives the deduction?
The supplied text is inconsistent: the worksheet’s purpose statement names line 17, while the included worksheet instructions name line 16. The supplied text does not resolve that difference.