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.
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.
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.
Instruction Details:
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