2017 New Mexico Net Operating Loss Carryforward Schedule for Corporate Income Tax-2026

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The document is the 2017 New Mexico Net Operating Loss Carryforward Schedule for Corporate Income Tax, which provides instructions for taxpayers to calculate their excludable New Mexico net operating loss (NM NOL) carryforward deduction. It outlines how to report prior-year NM NOLs, apply them against current year income, and manage carryforward balances. The form must be filed with the New Mexico Corporate Income and Franchise Tax Return (Form CIT-1) and includes specific columns for reporting losses incurred, used, applied in previous years, expired amounts, and available carryforwards.

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In Column 1, enter the tax year when you incurred a NM NOL. For 2017, this will be the current year.
In Column 2, input the amount of NM NOL incurred during that tax year. Use Worksheet 1 to determine this amount.
For Column 3, transfer your net income before any NM NOL carryforward is applied from Worksheet 2.
In Column 4, indicate how much of the NM NOL was used in the current tax year. Ensure this does not exceed your net income shown in Column 3.
Complete Columns 5 and 6 by detailing how prior-year losses were applied and any expired amounts respectively.
Finally, calculate and enter the carryforward available for next year in Column 7 by subtracting used amounts from your total NM NOL.

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