NC-NOL: Net Operating Loss Worksheet (2025)

Who files this form

The worksheet does not state who must file it. It directs you to use these parts for tax year 2025:

• Part 1: Determine whether you have a North Carolina net operating loss (N.C. NOL).
• Part 2A: Calculate the federal NOL carryover amount to deduct.
• Part 2B: Calculate the N.C. NOL carryover amount to deduct.
• Part 2C: Calculate your total N.C. NOL deduction.

What you'll need

Have the following information available to complete the worksheet:

• Your federal tax ID number and the first 10 characters of your name.
• Your 2025 federal income tax return amounts, including federal adjusted gross income, any excess business loss included as other income, and any IRC section 1202 exclusion.
• Your additions to and deductions from federal adjusted gross income, and your N.C. standard or itemized deduction amount.
• Your business and nonbusiness capital gains and losses, nonbusiness deductions, nonbusiness income other than capital gains, and net short-term and long-term capital gains or losses.
• Your N.C. NOL deduction for losses from prior years.
• Carryover amounts for federal NOLs from 2010 through 2021 that were not absorbed by January 1, 2022, and N.C. NOL carryovers from 2022 through 2024.

How to file

The supplied text gives web fill-in and printing directions, but no mailing address or e-file submission instructions.

1. Save the PDF to your computer and use the latest version of Adobe Acrobat Reader to complete it.
2. Read the worksheet instructions before completing the calculations.
3. Enter the total from Part 2C, line 20, on Form D-400, Schedule S, line 39.
4. Use the form's print icon to ensure all required fields are completed. Print single-sided, set page scaling to “none,” and uncheck “Auto-Rotate and Center.”

Do not include the web fill-in instructions page. Submit original returns only, not photocopies.

Common mistakes

• Skipping the instructions: The worksheet warns that failing to read them in full will result in an incorrect N.C. NOL calculation.
• Using the wrong entry format: Do not handwrite information or use commas in amounts. Use a minus sign, not brackets, for negative amounts. Where a line specifically asks for a positive number, follow that direction.
• Missing the capital-loss skip rule: If line 16c does not show a loss and you have no IRC section 1202 exclusion, skip lines 16 through 21 and enter line 15's amount on line 22.
• Using incorrect print settings: Do not print on both sides. Set page scaling to “none” and leave “Auto-Rotate and Center” unchecked.
• Sending photocopies or mixing form types: The printed directions prohibit both.

Questions people ask

How do I know whether I have an N.C. NOL for 2025?

Part 1, line 24, adds lines 1, 9, 17, 21, 22, and 23. If the result is less than zero, enter it on line 24. If it is zero or more, you do not have an N.C. NOL.

Which prior years are listed for carryovers?

Part 2A lists federal NOLs from 2010 through 2021 that were not absorbed by January 1, 2022. Part 2B lists N.C. NOL carryovers from 2022, 2023, and 2024.

Where does my total N.C. NOL deduction go?

Add Part 2C, lines 18 and 19. Enter the total on line 20 and on Form D-400, Schedule S, line 39.

What amount belongs on Part 1, line 19?

Enter the smaller of line 16 or $3,000. If you filed your N.C. return as married filing separately, enter the smaller of line 16 or $1,500.

Official sources

• https://www.ncdor.gov/2025-nc-nol-net-operating-loss-worksheet/open