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.
To access Form 80-155 in the Mississippi resident individual income tax return in TaxSlayer ProWeb, from the Mississippi Return menu select:
- Miscellaneous Forms
- Net Operating Loss Schedule, Form 80-155
-
Net Operating Loss
- NOL Year End Date - Enter the end date of the calendar year in which the NOL originated.
- NOL Amount (Enter as a Negative Number) - 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.
- Income Year NOL applied - Enter the ending date of the year the NOL was applied, whether the current year or a prior year.
- Amount Used in Current Year - Enter the amount used in the year applied, i.e., the year you just entered. If it's the current tax year, enter the amount to be applied on this year's return.
When finished entering the above info, click CONTINUE. If you have another entry to make in the NOL schedule, click + Add NOL to add another entry on the form.
When you're finished with all entries on the NOL schedule, click BACK and enter the NOL amount to be used this year in Total NOL used in current year.
Additional Information: