Maine Schedule NOL

Schedule NOL
2023 Schedule NOL (Form 1120ME)
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Schedule NOL
Form 1120ME - 2023
For calculating net operating loss (NOL) recapture subtraction modification
Attach this schedule to your 2023 Form 1120ME

Column 1

Column 2

Column 3

Column 4

Column 5

Year of Loss

Amount of Loss

Disallowed
Carryback/Carryover

Previously
Recaptured

Available NOL
Recapture

Total NOL recapture available for 2023:
Enter this amount on Form 1120ME, Schedule 1S, line 6.

Revised: December 2023

General Instructions
Note: Unless otherwise stated, line references in the
following instructions are to the 2023 forms; line references
to prior year forms may differ.
This schedule is used to determine the amount of net
operating loss (“NOL”) subtraction modification available to
claim for the current tax year. A NOL subtraction modification
is generated when the entity has a federal NOL carryback or
carryover that is disallowed for Maine income tax purposes.
The disallowance of a NOL carryback or carryover requires
an addition modification on the Maine income tax return.
This addition modification can generally be recaptured
through a subtraction modification in the year or years after
the loss.
If the entity has a NOL for a tax year ending in 2001 or later
that was carried back for federal purposes, but added back
to income under 36 M.R.S. §§ 5200-A(1)(H) or 5200-A(1)
(M), a deduction is allowed in tax years beginning after the
year of the loss (except tax years 2009 through 2011), on
Form 1120ME, Schedule 1S, line 6 equal to the amount of
the income addition modification. The deduction must be
claimed within the allowable NOL carryforward period plus

the number of years the deduction was denied with respect
to tax years beginning in 2009 through 2011. The deduction
cannot reduce Maine taxable income to less than zero
and must not have been previously used as a subtraction
modification.
If the entity has a NOL carryforward that was limited under
36 M.R.S. § 5200-A(1)(U) for the tax year beginning in 2008
or denied under 36 M.R.S. § 5200-A(1)(V) for tax years
beginning in 2009 through 2011, a deduction is allowed on
Form 1120ME, Schedule 1S, line 6 equal to the amount
of the income addition modification. The deduction must
be within the allowable NOL carryforward period plus the
number of years the carryforward was limited or denied
under 36 M.R.S. §§ 5200-A(1)(U) or 5200-A(1)(V) and
5200-A(2)(T). The deduction cannot reduce Maine taxable
income to less than zero and must not have been previously
used as a subtraction modification.
For more information and examples regarding modifications
relating to net operating losses, go to www.maine.
gov/revenue/income-estate-tax and select Guidance
Documents.

Specific Instructions
Column 1 - Year of Loss. Enter the originating tax year
of the federal net operating loss. If there are multiple loss
years, enter the earliest year first.
Column 2 - Amount of Loss. Enter the federal net operating
loss for the year in column 1.
Column 3 - Disallowed Carryback/Carryforward. Enter
the portion of the NOL in column 2 that was carried back,
or carried forward for federal purposes but was not allowed
for Maine purposes. If the loss was carried back for federal
purposes, attach a copy of federal Form 1139 or Form
1120X reflecting the carryback.	

Column 4 - Previously Recaptured. Enter the portion
from column 3 that has been recaptured on Form 1120ME,
Schedule 1S, line 6 in a prior year. Include in this column
any amount of Maine addition modification that was offset
by the federal loss on the Maine corporate income tax return
in the year of the loss.
Column 5 - Available NOL Recapture. Subtract column 4
from column 3 and enter the result in column 5. The total of
column 5 is the maximum recapture amount available for
2023. Enter the column 5 total on Form 1120ME, Schedule
1S, line 6.
Attach this schedule to the 2023 Form 1120ME.