Instructions for Form I-055 Schedule NOL2 Net Operating Loss Deduction and Wisconsin Modified Taxable Income - Wisconsin

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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 Schedule NOL2 used for?
A: Form I-055 Schedule NOL2 is used to calculate the Net Operating Loss (NOL) Deduction and Wisconsin Modified Taxable Income for taxpayers in Wisconsin.

Q: What is the Net Operating Loss (NOL) Deduction?
A: The Net Operating Loss (NOL) Deduction allows taxpayers to offset their current year's taxable income by their net operating loss from previous years.

Q: What is Wisconsin Modified Taxable Income?
A: Wisconsin Modified Taxable Income refers to the adjusted gross income of a taxpayer, which is then modified based on certain additions and subtractions specified by the Wisconsin Department of Revenue.

Q: Who needs to fill out Form I-055 Schedule NOL2?
A: Taxpayers in Wisconsin who have a net operating loss and want to claim the NOL Deduction, as well as calculate their Wisconsin Modified Taxable Income, need to fill out Form I-055 Schedule NOL2.

Q: Are there any eligibility requirements to claim the NOL Deduction?
A: Yes, there are certain eligibility requirements to claim the NOL Deduction, such as having a valid net operating loss and meeting the specific criteria set by the Wisconsin Department of Revenue.

Q: How do I calculate the NOL Deduction using Form I-055 Schedule NOL2?
A: The calculation for the NOL Deduction is provided on Form I-055 Schedule NOL2, which involves inputting the necessary financial information related to the net operating loss and taxable income.

Q: Can I use Form I-055 Schedule NOL2 for federal tax purposes?
A: No, Form I-055 Schedule NOL2 is specific to Wisconsin state tax purposes and cannot be used for federal tax purposes.

Q: Is there a deadline for filing Form I-055 Schedule NOL2?
A: The deadline for filing Form I-055 Schedule NOL2 typically aligns with the Wisconsin state tax filing deadline, which is generally on or around April 15th of each year.

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Instruction Details:

  • This 3-page document is available for download in PDF;
  • Actual and applicable for this year;
  • Complete, printable, and free.

Download your copy of the instructions by clicking the link below or browse hundreds of other forms in our library of forms released by the Wisconsin Department of Revenue.

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