Instructions for Form X-NOL, I-002I Carryback of Wisconsin Net Operating Loss (Nol) - Wisconsin

Form X-NOL (I-002I) Carryback of Wisconsin Net Operating Loss (Nol) - Wisconsin

This document contains official instructions for Form X-NOL , and Form I-002I . Both forms are released and collected by the Wisconsin Department of Revenue. An up-to-date fillable Form X-NOL (I-002I) is available for download through this link.

FAQ

Q: What is Form X-NOL?
A: Form X-NOL is used for the carryback of Wisconsin Net Operating Loss (NOL) in Wisconsin.

Q: What does Form X-NOL allow you to do?
A: Form X-NOL allows you to carryback the NOL incurred in Wisconsin to previous tax years.

Q: Who needs to file Form X-NOL?
A: Individuals and corporations who have incurred a Net Operating Loss in Wisconsin and wish to carry it back to previous tax years.

Q: What information do I need to complete Form X-NOL?
A: You will need to provide detailed information about your Wisconsin Net Operating Loss, including the tax year it was incurred, the amount, and any adjustments or deductions.

Q: Are there any deadlines for filing Form X-NOL?
A: Yes, the deadline for filing Form X-NOL is generally within two years from the due date of the original return for the year of the NOL.

Q: Can I carryforward my NOL instead of carrying it back?
A: No, Form X-NOL is specifically for carrying back Wisconsin Net Operating Losses.

Q: Are there any limitations on the amount of NOL that can be carried back?
A: Yes, the amount of NOL that can be carried back is generally limited to the previous two tax years.

Q: What if I have questions or need assistance with Form X-NOL?
A: You can contact the Wisconsin Department of Revenue for assistance with Form X-NOL.