2020 Schedule M30-NOL Instrucons
The purpose of this form is to show the sources and applications of net operating losses. Only the years used to calculate the net operating
loss, and the years the losses are used, need to be listed.
Your net operating loss deduction is limited to 80% (0.80) of your taxable net income for the year.
Net operating losses may be carried forward only. The carryforward period is 15 years.
A net operating loss incurred in a prior year and not previously used to oset net income may be deducted on Form M30-I, line 26.
To complete the worksheet:
• Enter your taxable net income or loss, or income for the year in the Taxable Net Income/Loss column.
• If the amount is a loss, add it to the total in the previous year’s Losses Remaining column and enter the sum in the Losses Remaining
column.
• If the amount is income, and losses from previous years are being used to reduce that income, enter the amount of loss being used to reduce
the income in the Minnesota Losses Used column. The amount of loss being used in each year is limited to 80% (0.80) of the taxable net
income for the year.
Complete Schedule M30-NOL and attach a copy to your return.
6,000 (1,000)
Example:
Year Taxable Net Income/Loss Minnesota Losses Used Losses Remaining
Losses used — Enter on M30-I, line 26 Total losses remaining (to be carried forward)
2020 Summary:
Oldest loss year
Subsequent years
4
5
6
7
8
9
10
11
12
13
14
15
12/31/14 (13,000) -------- (13,000)
12/31/15 4,000 (4,000) (9,000)
12/31/16 (5,000) -------- (14,000)
12/31/17 6 ,000 (6,000) (8,000)
12/31/18 (8,000) -------- (16,000)
12/31/19 9 ,000 (9,000) (7,000)
12/31/20 7,500 (6,000) (1,000)
