500NOLD: Carryback of Net Operating Loss (2025)
Virginia · Virginia Tax · Used for tax years 2025
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, tax, and refund amounts for the preceding years.
Who files this form
Form 500NOLD is for corporations applying for a Virginia tax refund from carrying back a net operating loss (NOL). The form includes columns for carrying the loss back to the second preceding year and the first preceding year.
What you'll need
- A copy of federal Form 1139, which must be enclosed.
- Schedule 500CR, a corrected Schedule 500CR, or an explanation for nonrefundable or refundable tax credits reported on Lines 19(a) and 19(b).
- Information for the loss year, including the federal NOL and Virginia modifications.
- Information for each carryback year, including federal taxable income, Virginia modifications, tax credits, and tax paid.
- Allocation and apportionment information if the corporation apportions income as a Schedule 500A filer.
How to file
Complete the corporation's name, FEIN, and address. Enter the loss year and carryback years in YYYY format, and complete the applicable calculations.
Have an authorized corporate officer sign and date the form and provide their printed name, title, and phone number. The form also provides fields for a preparer's information and signature.
Enclose a copy of federal Form 1139 and the applicable tax credit documentation. Mail the application to:
Virginia Department of Taxation
P.O. Box 1500
Richmond, VA 23218-1500
Common mistakes
- Forgetting to enclose a copy of federal Form 1139.
- Including conformity modifications on Lines 3 or 9. Both lines specifically exclude them.
- Completing the wrong lines for apportionment. Schedule 500A filers apportioning income must complete Lines 12 through 17; other filers go to Line 18.
- Leaving out Schedule 500CR, a corrected Schedule 500CR, or an explanation for credits reported on Lines 19(a) and 19(b).
- Entering years in a format other than YYYY on Lines 1 and 4.
Questions people ask
Which federal form must I attach?
Enclose a copy of federal Form 1139.
How is the refund amount calculated?
For each carryback year, Line 22 subtracts the net tax on Line 20 from the tax paid on Line 21.
Do all corporations complete the apportionment lines?
No. Corporations apportioning income as Schedule 500A filers complete Lines 12 through 17. Other filers go to Line 18.
Can I authorize the Department to discuss the return with my preparer?
Yes. Check the authorization box next to the declaration to allow the Department to discuss the return with the undersigned preparer.