511-NOL: 2025 Form 511-NOL Oklahoma Net Operating Loss Full Year Residents Only (2025)
Oklahoma · Oklahoma Tax Commission · Used for tax years 2025
Form 511-NOL is a supplement to Oklahoma Form 511 for full-year residents. It calculates an Oklahoma net operating loss and uses a separate worksheet for each intervening year to determine how much of the loss is absorbed and how much carries over.
Who files this form
Form 511-NOL is a supplement to Form 511 for full-year Oklahoma residents computing an Oklahoma net operating loss (NOL). The form applies to loss years 2016 and later, including 2025.
You must file the loss-year return to establish the Oklahoma NOL. If the loss comes from a pass-through entity, that entity must also file a tax return.
What you'll need
- Federal return for the loss year: A copy is required for the year entered on Schedule A.
- Federal return for each intervening year: A copy is required for the year entered on Schedule B.
- Oklahoma Form 511 and applicable schedules: The calculation uses amounts from Form 511 and Schedules 511-A, 511-B, 511-C and, if applicable, 511-D.
- Federal Schedule D and the federal NOL carryover worksheet, if applicable: These supply capital-loss amounts and adjustments used in the calculations.
- Written election statement, if applicable: If you elect to give up an available carryback period, the statement must be part of your timely filed Oklahoma loss-year return or an amended return for that year filed within six months of the original return's due date, excluding extensions.
Enter your name, Social Security number and the applicable tax years on the schedules.
Common mistakes
- Continuing Schedule A when there is no NOL: If line 3 is zero or more, stop. Do not complete the rest of the schedule.
- Using negative numbers for Schedule A adjustments: Lines 4 through 26 are entered as positive numbers.
- Overlooking out-of-state losses: When checking for positive out-of-state income, net out-of-state income and out-of-state losses together.
- Combining intervening years: Use a separate Schedule B for each intervening year.
- Including the wrong NOL in Schedule B: On line A2, exclude the NOL for the listed NOL year and later years. On line A6, include any federal NOL carryback or carryover included in line A1.
- Overlooking the itemized deduction limit: Beginning with tax year 2018, Oklahoma itemized deductions are limited to $17,000. Charitable contributions and medical expenses are not subject to that limit. If your deductions are limited, use Schedule 511-D to determine allowable modified itemized deductions.
Questions people ask
Can I have an Oklahoma NOL without a federal NOL?
Yes. Oklahoma determines its NOL separately under Internal Revenue Code Section 172, as modified by the Oklahoma Income Tax Act. It is allowed without regard to whether a federal NOL exists.
Can I choose not to carry back my loss?
Yes, if you are entitled to a carryback period. Include a written election with your timely filed Oklahoma loss-year return or an amended return for the NOL year filed within six months of the original return's due date, excluding extensions.
What if I use the standard deduction?
Go directly to Schedule A. Enter the Oklahoma standard deduction on line 2a if you did not itemize.
How do I calculate the loss used up in an intervening year?
Use Schedule B to calculate modified taxable income. That amount is the NOL absorbed in the intervening year. Use a separate Schedule B for each year.
Are there special limits for farming-loss carrybacks?
Yes. A farming-loss NOL may be carried back under the Internal Revenue Code provisions. The carryback cannot exceed the lesser of $60,000 or the loss properly shown on federal Schedule F reduced by one-half of the net income from all other sources not reflected on Schedule F.