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

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.