In Mississippi, a net operating loss can be carried back to each of the two taxable years preceding the taxable year of the loss and may be carried forward for twenty years. A state election can be made to forgo the carryback and to carry forward the current year NOL. This election is made on Form 80-155, Mississippi Net Operating Loss Schedule. This form is also filed when the taxpayer is claiming an NOL.
Form 80-155 lists each year a prior year NOL was used, including how much was carried forward to the next year, as well as any NOLs being carried back to the current year and how much is being carried back. After completing this form, you'll enter how much of the total NOL available is being used this year, if any.
Navigating to the form varies depending on whether you are completing the resident return or the nonresident or part-year resident return.
To access Form 80-155 in the Mississippi resident individual income tax return in TaxSlayer Pro, from the Mississippi Resident Main Menu select:
- Other Income
- Other Income (Schedule N)
- Net Operating Loss
-
Total NOL Available - Once this menu has
been entered, you must enter the requested information to
move forward.
- NOL Tax Year Ending - Enter the end date of the calendar year in which the NOL originated.
- NOL Amount (Enter as negative) - Enter the NOL amount as a negative. If it's the year the NOL originated, enter the total NOL. If it's a subsequent year after some portion of the NOL has been applied, enter the NOL balance carried forward to that year.
- NOL Tax Year Applied - Enter the ending date of the year the NOL was applied, whether the current year or a prior year.
- NOL Used in Current Year - Enter the amount used in the year applied, i.e., the year you just enterd. If it's the current tax year, enter the amount to be applied on this year's return.
- In the NET OPERATING LOSS SCHEDULE menu select NOL Used in Current Year and enter the amount of the NOL being applied this year.
To access Form 80-155 in the Mississippi part-year or nonresident individual income tax return in TaxSlayer Pro, from the Mississippi Part-Year / Non-Resident Main Menu select:
- Mississippi Adjusted Gross Income
- Other Income (Schedule N)
- Net Operating Loss
-
Total NOL Available - Once this menu has
been
entered, you
must enter the requested information to move forward.
- NOL Tax Year Ending - Enter the end date of the calendar year in which the NOL originated.
- NOL Amount (Enter as negative) - Enter the NOL amount as a negative. If it's the year the NOL originated, enter the total NOL. If it's a subsequent year after some portion of the NOL has been applied, enter the NOL balance carried forward to that year.
- NOL Tax Year Applied - Enter the ending date of the year the NOL was applied, whether the current year or a prior year.
- NOL Used in Current Year - Enter the amount used in the year applied, i.e., the year you just enterd. If it's the current tax year, enter the amount to be applied on this year's return.
- In the NET OPERATING LOSS SCHEDULE menu select NOL Used in Current Year and enter the amount of the NOL being used this year.
Additional Information: