500NOLD: Carryback of Net Operating Loss (2024)
Virginia · Virginia Tax · Used for tax years 2024
Virginia Form 500NOLD is a corporation application for a refund from carrying back a net operating loss. It reports the loss, Virginia adjustments, and recalculated taxable income and tax for preceding years to determine the refund amount.
Who files this form
Virginia Form 500NOLD is for corporations requesting a refund from carrying back a net operating loss (NOL). The 2024 form provides columns for the second preceding year and the first preceding year.
What you'll need
- Enclose a copy of federal Form 1139.
- For tax credits on Lines 19(a) and 19(b), enclose Schedule 500CR, a corrected Schedule 500CR, or an explanation.
- Have the corporation’s name, FEIN, and mailing address available.
- You will need the federal NOL and Virginia modifications for the loss year, plus income, modifications, credits, and tax paid for each year to which the loss is carried.
- If the corporation apportions income, you will also need its allocable income, income allocated to Virginia, and apportionment percentage for each carryback year.
How to file
Complete the corporation’s identifying information, enter the loss year, and calculate the refund for each applicable carryback year using the form’s lines.
If you apportion income as a Schedule 500A filer, complete Lines 12 through 17. Otherwise, go to Line 18.
Have an authorized corporate officer sign and date the form and provide their printed name, title, and phone number. The form also includes a preparer section.
Enclose the required attachments and send the application to:
Virginia Department of Taxation
P.O. Box 1500
Richmond, VA 23218-1500
Common mistakes
- Leaving out the copy of federal Form 1139 that the form says to enclose.
- Including conformity modifications on Lines 3 or 9. Both lines specifically exclude them.
- Skipping Lines 12 through 17 when apportioning income as a Schedule 500A filer. Filers who do not apportion income should go to Line 18.
- Omitting Schedule 500CR, a corrected Schedule 500CR, or an explanation for tax credits reported on Lines 19(a) and 19(b).
Questions people ask
How should I enter the years?
Enter the loss year on Line 1 and the carryback years on Line 4 in YYYY format. For fiscal years, Line 1 refers you to the instructions, which are not included in the supplied text.
What tax rate does the form use?
Line 18 directs you to multiply Line 11 or Line 17 by 6%.
How is the refund calculated?
Line 22 is the tax paid for the carryback year on Line 21 minus the net tax on Line 20.
Can I authorize Virginia to discuss the application with my preparer?
Yes. Check the authorization box in the signature area to allow the Department to discuss the return with the undersigned preparer.