ScheduleNOL1: ScheduleNOL1 (2024)
Wisconsin · Wisconsin DOR · Used for tax years 2024
Wisconsin Schedule NOL1 calculates your Wisconsin net operating loss for 2024 using income, deductions, capital gains and losses, and other adjustments. It is filed with Wisconsin Form 1, 1NPR, or 2.
Who files this form
Schedule NOL1 calculates your Wisconsin net operating loss (NOL) for 2024. The form says to file it with Wisconsin Form 1, 1NPR, or 2 and includes directions for estates and trusts.
If line 3 is zero or more, stop. The form says you do not have an NOL and should not complete the rest of the worksheet.
What you'll need
Have the applicable returns, schedules, and amounts available:
- Your 2024 Wisconsin Form 1, 1NPR, or 2. Line 1 refers to Form 1, line 7, and directs Form 1NPR filers to the Form 1NPR instructions.
- Your allowable federal standard deduction amount.
- Schedule WD, or Schedule 2WD (Form 2) for estates and trusts, for the loss amounts on lines 18 and 28, if applicable.
- Amounts for business and nonbusiness capital gains and losses, nonbusiness income and deductions, and the Wisconsin capital gain exclusions or deferrals listed on line 4.
- Any net operating loss deduction for losses from other years.
Estates and trusts also need their federal return amounts for the charitable deduction, income distribution deduction, and exemption.
How to file
File Schedule NOL1 with Wisconsin Form 1, 1NPR, or 2. Enter the name or names shown on that return and your Social Security number.
The supplied form does not give a mailing address or e-file directions.
Common mistakes
- Use positive numbers unless the form says otherwise. Use a minus sign for negative amounts. Enter the allowable federal standard deduction on line 2 as a negative number.
- Stop if line 3 is zero or more. Do not complete the rest of the worksheet.
- Estates and trusts must skip lines 1 and 2 and follow the special directions on line 3.
- Do not enter more on line 14 than the amount on line 9.
- If there is no loss on Schedule WD, line 18, or Schedule 2WD, line 18, skip lines 20 through 22 and enter line 19's amount on line 23.
- A line 25 total of zero or more means you do not have a Wisconsin NOL.
Questions people ask
How do I know whether I have a Wisconsin NOL?
If line 3 is zero or more, you do not have an NOL and must stop. Otherwise, complete the adjustments. If the combined amount on line 25 is less than zero, that amount is your Wisconsin NOL. If it is zero or more, you do not have an NOL.
Do estates and trusts complete the same starting lines?
No. Estates and trusts skip lines 1 and 2. On line 3, they enter Wisconsin income increased by the charitable deduction and income distribution deduction allowed on their federal return.
Where do I enter an NOL deduction for losses from other years?
Enter it on line 24 as a positive number.
What if I have no loss on Schedule WD, line 18?
Skip lines 20 through 22 and enter the amount from line 19 on line 23. The same rule applies to estates and trusts using Schedule 2WD (Form 2), line 18.