Schedule NOL: WV Net Operating Loss Carry-forward Calculation (2024)
West Virginia · WV Tax Division · Used for tax years 2024
Schedule NOL for Form CIT-120 calculates West Virginia net operating loss carryforwards for 2024. It tracks original losses, amounts previously carried back or used, amounts being used this year, and remaining unused losses.
Who files this form
Schedule NOL is used to calculate the West Virginia net operating loss carryforward being used for tax year 2024 with Form CIT-120.
For losses incurred in tax years beginning on or after January 1, 2009, only the entity that incurred the loss can claim it. This includes each unitary group member.
What you'll need
Have the following information available to complete the schedule:
- The month and year of each loss.
- The name and FEIN of the entity that incurred the loss, or the consolidated parent, as applicable.
- The original West Virginia net operating loss amount.
- Amounts carried back before the loss year and amounts carried forward and used before this year.
- The amount remaining from the prior year, the amount being used this year, and the remaining unused loss.
For a loss incurred on a consolidated return that the entity was part of before 2009, provide the name and FEIN of the consolidated parent that reported the loss.
How to file
Enter each loss's month and year, the applicable FEIN, and the loss amounts in Columns 1 through 8.
Add the amounts in Column 7 to find the West Virginia net operating loss carryforward being used for 2024. Enter that total on Schedule 1, line 5; Schedule 2, line 11; or UB-CR, as applicable.
The supplied form text does not give mailing or e-filing instructions or a filing address.
Common mistakes
- Claiming another entity's loss: A West Virginia net operating loss incurred in a tax year beginning on or after January 1, 2009, can only be claimed by the entity that incurred it.
- Leaving out the consolidated parent's details: To claim a loss incurred on a consolidated return that the entity was part of before 2009, provide the name and FEIN of the consolidated parent that reported it.
- Using the wrong entity details for later losses: For losses incurred in tax years 2009 and later, provide the name and FEIN of the entity that incurred the loss, including each unitary group member.
Questions people ask
Where do I report the total carryforward used for 2024?
Add Column 7 and enter the total on Schedule 1, line 5; Schedule 2, line 11; or UB-CR, as applicable.
Can an entity claim a loss incurred by another entity?
For losses incurred in tax years beginning on or after January 1, 2009, only the entity that incurred the loss can claim it.
Whose information do I provide for a pre-2009 consolidated-return loss?
If the entity was part of the consolidated return on which the loss was incurred, provide the name and FEIN of the consolidated parent that reported the loss.
Where do I show the unused loss?
Column 8 is labeled “Remaining Unused Net Operating Loss.” Column 7 shows the amount being used this year.