ScheduleNOL2: ScheduleNOL2 (2024)
Wisconsin · Wisconsin DOR · Used for tax years 2024
Wisconsin Schedule NOL2 calculates your allowable deduction for a Wisconsin net operating loss (NOL) carryforward and your Wisconsin modified taxable income for 2024. It is filed with Wisconsin Form 1, 1NPR, 2, or X-NOL.
Who files this form
Schedule NOL2 is used to calculate the allowable deduction for a Wisconsin net operating loss (NOL) carryforward and Wisconsin modified taxable income.
The form says to file it with Wisconsin Form 1, 1NPR, 2, or X-NOL.
What you'll need
Have these forms and amounts available:
- Your Wisconsin Form 1, 1NPR, 2, or X-NOL, including the name and Social Security number shown on it.
- Your Wisconsin NOL carryforward amount.
- Income, subtraction, and exemption amounts needed for the calculation.
- The 2024 Standard Deduction Table in the Form 1 booklet if you file Form 1. The schedule refers Form 1NPR and Form 2 filers to instructions for their calculations.
- For Part II, your Wisconsin income, NOL deduction, capital gain exclusion, and capital loss deduction amounts.
How to file
File Schedule NOL2 with Wisconsin Form 1, 1NPR, 2, or X-NOL.
Enter the allowable NOL deduction from Part I, line 9, on the applicable schedule:
- Schedule SB (Form 1), line 23.
- Schedule M (Form 1NPR), line 57.
- Schedule 2M (Form 2), line 25.
Enter Wisconsin modified taxable income from Part II, line 9, as the loss used on Schedule NOL3, as applicable.
The supplied form does not give a mailing address or e-filing directions.
Common mistakes
- Do not include an NOL deduction in the subtractions entered on Part I, line 2.
- For Part I, line 4, use the 2024 standard deduction table based on the income on line 3 and the column for your filing status. Form 1NPR and Form 2 filers are directed to instructions.
- Enter zero, rather than a negative amount, when the subtraction result is below zero on Part I, lines 5 and 7, and Part II, lines 7 and 9.
Questions people ask
How much of my Wisconsin NOL carryforward can I deduct?
Part I, line 9, uses the smaller of line 7, your maximum NOL deduction, or line 8, your Wisconsin NOL carryforward.
Where do I report the allowable deduction?
Enter Part I, line 9, on Schedule SB (Form 1), line 23; Schedule M (Form 1NPR), line 57; or Schedule 2M (Form 2), line 25, as applicable.
What does Part II calculate?
Part II calculates Wisconsin modified taxable income. Enter the result from line 9 as the loss used on Schedule NOL3, as applicable.
Do I file Schedule NOL2 by itself?
The form directs you to file it with Wisconsin Form 1, 1NPR, 2, or X-NOL.