Mississippi Form 80-155 - Net Operating Loss Schedule

What Is Form 80 155

Form 80 155, known as the Mississippi Net Operating Loss Schedule, is a tax document used by taxpayers in Mississippi. This form allows individuals and businesses to calculate and report a net operating loss (NOL) for a specific tax year. 

An NOL occurs when allowable tax deductions exceed taxable income, resulting in a negative taxable income figure. The purpose of form 80 155 is to track the NOLs carried forward from previous years, the application of those losses in the current tax year, and any remaining loss that can be carried forward into future tax years.

When to Use Form 80 155

Taxpayers should use form 80 155 in situations such as:

• When they need to document a net operating loss from a prior tax year.
• If they intend to carry forward an NOL to offset future taxable income.
• In the event they are amending a previous year's tax return to include an NOL.
• When the state has specific elections that affect the carryforward of NOLs.

How To Fill Out Form 80 155

Step-by-Step Instructions for Mississippi form 80-155 - Net Operating

Taxpayer and Spouse Social Security Numbers: 

At the top of the form, enter the taxpayer's Social Security Number (SSN) in the designated field. If married and filing jointly, also enter the spouse's SSN.

Amended Checkbox: 

If amending a previously filed return, tick the "Amended" checkbox.

State Election Checkbox: 

If you decide to forgo the NOL carryback period and wish to only carry forward the NOL to future tax years, tick the "State election to forgo carryback and to carry forward the current year NOL" checkbox.

Column A - NOL Year End:

Enter the year's end date in which the NOL was generated.

Column B - NOL Amount:

Enter the amount of NOL as a negative number.

Column C - Income Year NOL Applied: 

Enter the income year to which the NOL is applied.

Column D - Amount Used In Income Year: 

Enter the amount of NOL utilized during the income year. This amount should be entered as a positive number.

Column E - NOL Balance: 

Calculate the NOL balance by adding the NOL amount from Column B with the amount used from Column D. This should result in a negative number or zero, the remaining NOL available for carryforward.

Review the completed form for accuracy before submitting it to the Mississippi Department of Revenue. If you have multiple NOL years to report, continue the same process for each year in subsequent form rows. Always retain copies of your tax filings for your records.

When to File Form 80 155

Form 80 155 must be filed alongside the taxpayer’s annual income tax return if they are claiming an NOL. Generally, the due date coincides with the state income tax return deadline. Taxpayers should also file this form when submitting an amended return—indicating adjustments made due to an NOL—or when they make a state election regarding the treatment of NOLs (such as forgoing the carryback period to carry losses forward).