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This version of the form is not currently in use and is provided for reference only. Download this version of
Form I-055 Schedule NOL2
for the current year.
Form I-055 Schedule NOL2 Net Operating Loss Deduction and Wisconsin Modified Taxable Income - Wisconsin
What Is Form I-055 Schedule NOL2?
This is a legal form that was released by the Wisconsin Department of Revenue - a government authority operating within Wisconsin. Check the official instructions before completing and submitting the form.
FAQ
Q: What is Form I-055?A: Form I-055 is a schedule used for reporting the net operating loss deduction and Wisconsin modified taxable income in Wisconsin.
Q: What is the net operating loss deduction?A: The net operating loss deduction allows businesses to offset their taxable income by deducting losses from previous years.
Q: What is Wisconsin modified taxable income?A: Wisconsin modified taxable income is the amount of income that is subject to taxation in the state of Wisconsin after certain modifications.
Q: Why is Form I-055 used?A: Form I-055 is used to calculate and report the net operating loss deduction and Wisconsin modified taxable income on the Wisconsin tax return.
Q: Who is required to file Form I-055?A: Businesses operating in Wisconsin that have incurred net operating losses and need to claim the net operating loss deduction.
Q: Are there any specific instructions for filling out Form I-055?A: Yes, detailed instructions are provided with the form to guide taxpayers through the process of completing the schedule.
Q: Is the net operating loss deduction available for individuals?A: No, the net operating loss deduction is only available for businesses.
Q: What modifications are made to taxable income for Wisconsin?A: Modifications may include additions or subtractions for items such as federal deductions or exemptions that are not allowed under Wisconsin law.
Q: Can I use Form I-055 for federal tax purposes?A: No, Form I-055 is specifically designed for reporting net operating loss deduction and Wisconsin modified taxable income for Wisconsin state taxes only.
Form Details:
- Released on May 1, 2022;
- The latest edition provided by the Wisconsin Department of Revenue;
- Easy to use and ready to print;
- Quick to customize;
- Compatible with most PDF-viewing applications;
- Fill out the form in our online filing application.
Download a fillable version of Form I-055 Schedule NOL2 by clicking the link below or browse more documents and templates provided by the Wisconsin Department of Revenue.
