2025 NC-NOL Instructions
North Carolina Net Operating Loss Instructions
Download or Print 2025 North Carolina NC-NOL Instructions
Use the embedded PDF viewer above to preview the 2025 NC-NOL Instructions and access any PDF tools available in your browser. The large buttons below the viewer provide another way to download, print, or email yourself a link to this page. Prior-year versions of this PDF are available further down the page.
About North Carolina NC-NOL Instructions
North Carolina NC-NOL instructions explain how to complete Form NC-NOL, the Net Operating Loss Worksheet. Use them to calculate a current-year state loss and determine the allowable deduction for losses carried forward from earlier years. The instructions cover individuals, estates, and trusts, with additional guidance for part-year residents and nonresidents.
The 2025 PDF has three pages of instructions covering business and nonbusiness income, loss adjustments, and carryover calculations. Part 1 line instructions begin on page 1, and detailed guidance for the federal and North Carolina carryover columns appears on page 3. The blank worksheet is a separate download. Use the instructions for the same tax year as your worksheet and return.
North Carolina NC-NOL Instructions PDF Files by Year
Click any of the North Carolina NC-NOL Instructions PDF links above to download, save, view, and print the file for the corresponding year. These free PDF files are unaltered and are sourced directly from the publisher.
Related North Carolina Individual Income Tax Forms
Need to download more state income tax forms? View the 2025 North Carolina tax forms list for full-year residents, part-year residents, and nonresidents.
| Form Code | Form Name |
|---|---|
| Form NC-NOL | Net Operating Loss Worksheet |
| Form D-400 | Individual Income Tax Return |
| Schedule S | NC Adjustments for Individuals |
| Schedule PN | Part-Year Resident and Nonresident Schedule |
Frequently Asked Questions (FAQ)
Here are answers to common questions about downloading, printing, and using 2025 North Carolina NC-NOL Instructions.
Does the NC-NOL instructions PDF include the blank worksheet?
No. Download the fillable worksheet from our North Carolina Form NC-NOL page. Keep these instructions available while completing the worksheet.
Should I complete my return before Form NC-NOL?
Yes. The instructions say to complete your North Carolina income tax return and its required forms and schedules first. You will use amounts from the return when working through the NC-NOL calculations.
Where are the instructions for calculating the current-year loss?
Part 1 guidance begins on page 1 of the 2025 PDF and continues on page 2. It explains the adjustments used to calculate the loss, including how to distinguish business and nonbusiness income and deductions.
Where are the instructions for prior-year loss carryovers?
The general Part 2 limitations begin on page 2. Detailed instructions for Parts 2A, 2B, and 2C appear on page 3. They explain eligible federal carryovers, North Carolina carryovers, the amount used this year, and the balance remaining.
Do part-year residents and nonresidents need additional instructions?
Yes. Page 2 provides their Part 1 adjustments using information from Schedule PN. Page 3 provides additional guidance for the carryover columns in Parts 2A and 2B. Estates and trusts also have a separate Part 1 section on page 2.
Can I use the current instructions for a prior-year NC-NOL worksheet?
Use the instructions for the tax year printed on your worksheet. Line references and the loss years shown in the carryover sections can differ. The links above provide the 2025, 2024, and 2023 instructions.
Last updated: November 15, 2026
References:
- 2025 NC-NOL North Carolina Net Operating Loss Instructions. State of North Carolina, North Carolina Department of Revenue. Retrieved November 15, 2026.
- 2025 Form NC-NOL: Net Operating Loss Worksheet. State of North Carolina, North Carolina Department of Revenue. Retrieved November 15, 2026.
- Individual Income Tax Forms and Instructions. State of North Carolina, North Carolina Department of Revenue. Retrieved November 15, 2026.
- G.S. 105-153.5A: Net Operating Loss Provisions. North Carolina General Assembly, State of North Carolina.