ScheduleNOL2: ScheduleNOL2 (2025)
Wisconsin · Wisconsin DOR · Used for tax years 2025
Wisconsin Schedule NOL2 calculates your allowable deduction for a Wisconsin net operating loss (NOL) carryforward and your Wisconsin modified taxable income for 2025. It is filed with Wisconsin Form 1, 1NPR, 2, or X-NOL.
Who files this form
Schedule NOL2 is used to calculate your allowable Wisconsin net operating loss (NOL) carryforward deduction and Wisconsin modified taxable income for 2025.
File it with Wisconsin Form 1, 1NPR, 2, or X-NOL.
What you'll need
Have the following information and forms available:
- Your Wisconsin Form 1, 1NPR, 2, or X-NOL, including the name(s) shown on that form and your Social Security number.
- Your Wisconsin NOL carryforward amount.
- Your income, subtractions from income, and deduction for exemptions.
- The 2025 Standard Deduction Table in the Form 1 instructions and your filing status. For Form 1NPR or 2, see the applicable instructions.
- Your NOL deduction, capital gain exclusion, and capital loss deduction for Part II.
- Schedule SB (Form 1), Schedule M (Form 1NPR), or Schedule 2M (Form 2) to report the allowable deduction, and Schedule NOL3 to report the loss used, as applicable.
How to file
File Schedule NOL2 with Wisconsin Form 1, 1NPR, 2, or X-NOL.
- Complete Part I to calculate your allowable Wisconsin NOL deduction. Enter the amount from line 9 on Schedule SB (Form 1), line 23; Schedule M (Form 1NPR), line 57; or Schedule 2M (Form 2), line 25.
- Complete Part II to calculate Wisconsin modified taxable income. Enter the amount from line 9 as the loss used on Schedule NOL3, as applicable.
The provided form does not give a mailing address or e-filing instructions.
Common mistakes
- Do not include the NOL deduction in the subtractions entered on Part I, line 2.
- For Part I, line 4, calculate the standard deduction using the income on line 3 and the 2025 table column for your filing status. Form 1NPR and Form 2 filers are directed to their instructions.
- Enter zero, not a negative number, when the calculation is less than zero on Part I, lines 5 and 7, and Part II, lines 7 and 9.
- On Part I, line 9, enter the lesser of line 7 or line 8, not automatically the full carryforward amount.
Questions people ask
How much of my Wisconsin NOL carryforward can I deduct?
Your allowable deduction is the lesser of the maximum deduction calculated on Part I, line 7, or your Wisconsin NOL carryforward on line 8.
Where do I report my allowable NOL deduction?
Transfer Part I, line 9, to Schedule SB (Form 1), line 23; Schedule M (Form 1NPR), line 57; or Schedule 2M (Form 2), line 25.
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.
Which return goes with Schedule NOL2?
The form says to file Schedule NOL2 with Wisconsin Form 1, 1NPR, 2, or X-NOL.