Schedule tax 2026

1. Click ‘Get Form’ to open the Schedule Tax in the editor.
2. In Column 1, enter the tax year when you incurred a NM NOL. For 2016, this will be your current year.
3. In Column 2, input the amount of NM NOL incurred for that tax year. Use Worksheet 1 for accurate calculations.
4. For Column 3, transfer your net income before applying any NM NOL from Worksheet 2.
5. In Column 4, record the portion of NM NOL used during the current tax year. Ensure this does not exceed your net income shown in Column 3.
6. Use Columns 5 and 6 to indicate how prior-year losses were applied and any expired amounts respectively.
7. Finally, in Column 7, calculate and enter the carryforward available for next year by subtracting used amounts from your total NM NOL.

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