×
tax forms found in
Tax Form Code
Tax Form Name

Nebraska Free Printable  for 2024 Nebraska Nebraska Net Operating Loss Worksheet

Tax season is open, and returns are due on April 16th! Save by eFiling early with TurboTax start now

It appears you don't have a PDF plugin for this browser. Please use the link below to download 2023-nebraska-form-nol.pdf, and you can print it directly from your computer.

Nebraska Net Operating Loss Worksheet
Form NOL

PRINT FORM RESET FORM Nebraska Corporation Net Operating Loss Worksheet • See instructions on the reverse side. Name of Corporation Federal ID Number Year Ended Established Income (Loss) Nebraska ID Number Loss Applied to Year End _______ Loss Applied to Year End _______ Loss Applied to Year End _______ Loss Applied to Year End _______ Other Nebraska ID Numbers Under Which Losses Were Reported Loss Applied to Year End _______ Loss Applied to Year End _______ Total Loss Applied Charitable Contribution C/O (attach schedule) NOL Carryforward Available Expired Amount 1 Total Nebraska NOL carryforward available............................................................................................................................................................................................... 1 2 Total Nebraska NOLs available for use on the 2023 return after the NE limitation (Attach schedule)........................................................................................................ 2 Enter the smaller of line 1 or line 2 on line 9 Form 1120N or 1120XN. 8-552-1997 Rev.   9-2023 Supersedes 8-552-1997 Rev. 1-2023  Instructions Use this worksheet to compute the corporate taxpayer’s Nebraska net operating loss (NOL) carryforward. This worksheet must be attached to the Nebraska Corporation Income Tax Return, Form 1120N, or the Amended Nebraska Corporation Income Tax Return, Form 1120XN, on which the loss carryforward is used. For loss years: • 1987 through 2013 — The loss cannot be carried back, but can be carried forward five tax years. • 2014 and after — The loss cannot be carried back, but can be carried forward 20 tax years. Losses must be applied in the order in which they occurred. An election to forego the carryback of a federal NOL is binding for Nebraska. NOL Carryforward Limitations. Nebraska imposes several limitations on the use of a Nebraska NOL carryforward. A corporate taxpayer’s use of a Nebraska NOL is limited when: 1. There is a reorganization or merger and the use of the federal NOL is limited; 2. A corporation with a Nebraska NOL carryforward becomes a member of a unitary group; 3. A Nebraska NOL incurred in tax years beginning after December 31, 2017 exceeds 80% of the modified Nebraska taxable income recognized in tax years beginning after December 31, 2020. Modified Nebraska taxable income is the Nebraska taxable income after the Nebraska capital loss, plus the Nebraska portion of the federal Section 250 deduction (federal 250 deduction multiplied by the Nebraska apportionment factor, minus the Nebraska NOL carryforward from years beginning before January 1, 2018). 4. Any other situation where the IRS limits the use of the related federal NOL. For additional information, see Corporate Income Tax Regulation 24-060, Net Operating Losses and Capital Losses. If any of the limitations apply to the NOL carryforward shown on this worksheet, attach a schedule showing the computation of the allowable carryforward. Enter the allowable carryforward from the schedule (instead of the carryforward shown on the Nebraska Corporation Net Operating Loss Worksheet) on line 9 of Form 1120N or Form 1120XN for the 2023 tax year. Specific Instructions Complete the name of the corporation, federal ID number, Nebraska ID number, and any other state ID numbers under which Nebraska net operating losses were reported. A tax return must be filed to establish the loss before the loss can be applied to offset taxable income. Year Ended. Enter the month, day, and year that the tax year ends. Established Income (Loss). On each line, enter the taxable income or loss established for that year. Place the loss amounts in parentheses (  ). This information must be entered for every tax year that affects the NOL carryforward deduction claimed. Loss Applied to Year End. Complete the necessary columns with the month, day, and year at the top of the column and the amount of the loss being applied in the column. A column must be completed for each tax year for which an NOL was carried forward and used to offset income. Do not include the carryover year. If more than six columns are needed to show the application of the Nebraska losses entered in the Established Income (Loss) column, complete an additional Nebraska NOL worksheet. Charitable Contribution Carryover. A Nebraska NOL carryforward may be adjusted for a charitable contribution carryforward in a manner similar to the adjustment allowed under the Internal Revenue Code. A corporation that reports all of its income to Nebraska should enter the amount of charitable contribution carryover that increased the related federal NOL carryforward. A corporation that apportions its income to Nebraska should enter the result of the charitable contribution carryover that increased the related federal NOL carryforward multiplied by the Nebraska apportionment factor of the year that the Nebraska NOL is used. Attach a schedule computing the federal and Nebraska charitable contributions carryover that was converted to a federal and Nebraska NOL. Expired Amount. Enter the amount of NOL which cannot be used because the carryforward period has expired. Total NOL Carryforward Available. Enter the amount of NOL available to be applied to the current year. Nebraska NOL Carryforward Limitation. If the use of a Nebraska NOL carryforward is limited, enter the amount of the limitation. Attach a schedule detailing how the limitation was computed. Example. In this example, the corporation is calculating the amount of Nebraska NOL carryforward available to use on its 2023 Nebraska Corporation Income Tax Return. If the 2023 Nebraska modified taxable income is larger than $10,000 use of the Nebraska NOL carryforward from tax years 2020, 2021, and 2022 will be limited. Year Ended Established Income (Loss) Loss Applied to Year End 12/31/2016 Loss Applied to Year End 12/31/2018 20,000 50,000 Loss Applied to Year End 12/31/2019 Total Loss Applied Charitable Contribution C/O Expired Amount NOL C/O Available 12/31/2013 (100,000) 70,000 30,000 0 12/31/2014 (35,000) 35,000 35,000 0 0 12/31/2015 (40,000) 40,000 40,000 0 0 12/31/2016 20,000 12/31/2017 (35,000) 25,000 25,000 12/31/2018 50,000 12/31/2019 100,000 12/31/2020 (20,000) (20,000) 12/31/2021 (50,000) (50,000) 12/31/2022 (5,000) (5,000) (10,000) 1 Total Nebraska NOL carryforward available..................................................................................................................... 1 (85,000) 2 Total Nebraska NOLs available for use on the 2023 return after the Nebraska limitation (Attach schedule)................... 2 (42,800) Enter the smaller of line 1 or line 2 on line 9 Form 1120N of 1120XN. Nebraska NOL Limitation Schedule NE 80% limitation computation NE taxable income after the NE capital loss carryforward 50,000 Federal 250 deduction 2,000 NE apportionment factor 50% NE 250 deduction + 1,000 Subtotal 51,000 NE NOL (2017) - 10,000 Subtotal 41,000 Limitation Percent x 80% NE limitation on use to 2020 and 2021 NOL carryforwards 32,800 NE NOL carryforward from 2017 +10,000 Total Nebraska NOLs available for use on the 2022 return after the NE limitation 42,800
Extracted from PDF file 2023-nebraska-form-nol.pdf, last modified September 2023

More about the Nebraska Form NOL Corporate Income Tax TY 2023

We last updated the Nebraska Net Operating Loss Worksheet in February 2024, so this is the latest version of Form NOL, fully updated for tax year 2023. You can download or print current or past-year PDFs of Form NOL directly from TaxFormFinder. You can print other Nebraska tax forms here.


eFile your Nebraska tax return now

eFiling is easier, faster, and safer than filling out paper tax forms. File your Nebraska and Federal tax returns online with TurboTax in minutes. FREE for simple returns, with discounts available for TaxFormFinder users!

File Now with TurboTax

Other Nebraska Corporate Income Tax Forms:

TaxFormFinder has an additional 34 Nebraska income tax forms that you may need, plus all federal income tax forms.

Form Code Form Name
Form 1041N Nebraska Fiduciary Income Tax Return, with Schedules I, II, and III
Form 1120N Nebraska Corporation Income Tax Return, with Schedules A, I, and II
Form 1041N -Wkst Electing Small Business Trust Tax Calculation Worksheet
Form 1041N-K-1N Beneficiary's Share of Income, Deductions, Modifications, and Credits
Form 1065N Nebraska Return of Partnership Income, with Schedule A - Partnership with other Income and Deductions - Adjustments to Ordinary Business Income

Download all NE tax forms View all 35 Nebraska Income Tax Forms


Form Sources:

Nebraska usually releases forms for the current tax year between January and April. We last updated Nebraska Form NOL from the Department of Revenue in February 2024.

Show Sources >

About the Corporate Income Tax

The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.

Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).

Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.

Historical Past-Year Versions of Nebraska Form NOL

We have a total of ten past-year versions of Form NOL in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:



TaxFormFinder Disclaimer:

While we do our best to keep our list of Nebraska Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.

** This Document Provided By TaxFormFinder.org **
Source: http://www.taxformfinder.org/nebraska/form-nol