2024 Schedule NOL3 Instructions 

 Purpose of Schedule NOL3                                                                                                             
The 2024 Schedule NOL3 is used by an individual, estate, or trust to record the amount of Wisconsin net operating loss (NOL) 
used each year and the carryback and carryforward available. If you computed a Wisconsin NOL for 2024, you may carry the  
NOL back to 2022 or 2023 and then forward for up to 20 years. Or, you may elect to waive the carryback period and only carry 
the NOL forward for up to 20 years. 
Caution: An NOL incurred (computed) for a taxable year that began prior to January 1, 2014, is limited to being carried forward 
15 years. Do not use this schedule for such an NOL. See the Exception under General Instructions. 

 Who Must File Schedule NOL3                                                                                                          
Schedule NOL3 must be filed by individuals, estates, and trusts who claim an NOL carryback or carryforward for the taxable  
year. Include Schedule NOL3 with your Form 1, 1NPR, or 2 for an NOL carryforward, or Form X-NOL,      Carryback of Wisconsin 
Net Operating Loss (NOL), for an NOL carryback, in the year the carryback or carryforward is claimed. 

 General Instructions                                                                                                                 
Schedule NOL3 can only be used for NOLs used in taxable years beginning on or after January 1, 2018. For NOLs used in a 
taxable year beginning before January 1, 2018, continue to use Worksheet 3, which is listed as an attachment to Publication 120, 
Net  Operating  Losses  for  Individuals,  Estates,  and  Trusts.  Include  this  worksheet  with  your  return  for  each  year  an  NOL 
carryforward or carryback is claimed prior to 2018. 
Exception: If the NOL is from a taxable year that began prior to January 1, 2014, you must use and submit the Worksheet 3 that 
was included in the appendix of Publication 120 for a year prior to 2014. 

 Specific Instructions                                                                                                                
  Line 1a  Enter as a positive number the amount of your Wisconsin NOL. 
  Lines 1b to 22b   Enter as a negative number the amount of NOL used in each year. The amount used each year is equal to 
your Wisconsin modified taxable income. Your Wisconsin modified taxable income is figured by completing Part II of Schedule 
NOL2, Net Operating Loss Deduction and Wisconsin Modified Taxable Income. Subtract the loss used from the Wisconsin NOL 
available each year. The result is your carryover to the next taxable year. Continue to subtract the loss used from the carryback 
or carryover until the loss is completely used or can no longer be carried forward. 
If no amount of a Wisconsin NOL is used in any carryforward year, enter -0- as loss used for that year. You have not used a 
Wisconsin NOL carryforward only if your modified taxable income (as computed in Part II of Schedule NOL2) is -0-. 
  Line 23  This is the amount of unused loss that may no longer be carried forward. 
 
                                    Applicable Laws and Rules 
 This  document provides statements or  interpretations  of the  following laws and  regulations  enacted  as of  October 15,  2024: 
 ch 71, Wis. Stats. 

I-156  (R.  10-24)                                                                                    Wisconsin Department of Revenue