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This version of the form is not currently in use and is provided for reference only. Download this version of
Instructions for Form I-055 Schedule NOL2
for the current year.
Instructions for Form I-055 Schedule NOL2 Net Operating Loss Deduction and Wisconsin Modified Taxable Income - Wisconsin
This document contains official instructions for Form I-055 Schedule NOL2, Net Operating Loss Deduction and Wisconsin Modified Taxable Income - a form released and collected by the Wisconsin Department of Revenue. An up-to-date fillable Form I-055 Schedule NOL2 is available for download through this link.
FAQ
Q: What is Form I-055?
A: Form I-055 is a tax form used to claim the Net Operating Loss (NOL) deduction and calculate Wisconsin Modified Taxable Income.
Q: What is the Net Operating Loss (NOL) deduction?
A: The NOL deduction allows businesses and individuals to offset their losses from one year against their taxable income in another year.
Q: Why would someone need to use Schedule NOL2?
A: Schedule NOL2 is used when claiming the NOL deduction and calculating Wisconsin Modified Taxable Income for Wisconsin state taxes.
Q: What is Wisconsin Modified Taxable Income?
A: Wisconsin Modified Taxable Income is the adjusted gross income (AGI) of a taxpayer with modifications related to Wisconsin tax law.
Q: Who needs to file Form I-055 Schedule NOL2?
A: Taxpayers who have a net operating loss to carry forward or who want to claim the NOL deduction on their Wisconsin state taxes need to file Schedule NOL2.
Q: Are there any deadlines for filing Form I-055 Schedule NOL2?
A: The deadline for filing Form I-055 Schedule NOL2 is usually the same as the deadline for filing your Wisconsin state tax return.
Q: Can I claim the NOL deduction on my federal taxes as well?
A: Yes, you can also claim the NOL deduction on your federal tax return using IRS Form 1045 or Form 1040X.
Q: Is the NOL deduction the same for individuals and businesses?
A: No, the rules for claiming the NOL deduction and calculating NOL carryovers differ for individuals and businesses.
Q: Is professional assistance required to fill out Form I-055 Schedule NOL2?
A: While professional assistance is not required, it is recommended to seek help from a tax professional or use tax preparation software for complex tax matters.
Instruction Details:
- This 3-page document is available for download in PDF;
- Might not be applicable for the current year. Choose a more recent version;
- Complete, printable, and free.
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