Form 172 Net Operating Losses (NOLs)

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172

Form
(January 2025)
Department of the Treasury
Internal Revenue Service

For calendar year

Net Operating Losses (NOLs)

, or other tax year beginning

and ending
Social security or employer identification number

Name(s) shown on return

TREASURY/IRS
AND OMB USE
ONLY DRAFT
August 8, 2024
DO NOT FILE

Address (number and street). If you have a P.O. box, see instructions.

City, town, or post office. If you have a foreign address, also complete spaces below.
Foreign country name

Part I
1

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OMB No. 1545-0074

For Individuals, Estates, and Trusts.
Go to www.irs.gov/Form172 for instructions and the latest information.

State

Apt. or suite no.

Spouse’s social security number (SSN)

ZIP code

Daytime phone number

Foreign province/county

Foreign postal code

NOL (see instructions)

For individuals, subtract your standard deduction or itemized deductions from your adjusted gross
income (AGI) and enter it here. For estates and trusts, enter taxable income increased by the total of
the charitable deduction, income distribution deduction, and exemption amount . . . . . . .
Nonbusiness capital losses before limitation. Enter as a positive number . .
2
Nonbusiness capital gains (without regard to any section 1202 exclusion) . .
3
If line 2 is more than line 3, enter the difference. Otherwise, enter -0- . . .
4
If line 3 is more than line 2, enter the difference.
Otherwise, enter -0- . . . . . . . . . . .
5
Nonbusiness deductions (see instructions). Enter as a positive number . .
6
Nonbusiness income other than capital gains (see
instructions) . . . . . . . . . . . . . .
7
Add lines 5 and 7 . . . . . . . . . . . . . . . . . . . .
8
If line 6 is more than line 8, enter the difference. Otherwise, enter -0- . . . . . . . . . . .
If line 8 is more than line 6, enter the difference.
Otherwise, enter -0-. But don’t enter more than line 5
10
Business capital losses before limitation. Enter as a positive number . . .
11
Business capital gains (without regard to any section
1202 exclusion) . . . . . . . . . . . . .
12
Add lines 10 and 12 . . . . . . . . . . . . . . . . . . .
13
Subtract line 13 from line 11. If zero or less, enter -0- . . . . . . . .
14
Add lines 4 and 14 . . . . . . . . . . . . . . . . . . . .
15
Enter, if any, the combined net short-term and long-term capital loss from your
Schedule D (Form 1040). Estates and trusts, enter, if any, the total net
short-term and long-term loss from Schedule D (Form 1041). Enter as a
positive number. If you don’t have a loss on that line (and don’t have a section
1202 exclusion), skip lines 16 through 21 and enter on line 22 the amount from
line 15 . . . . . . . . . . . . . . . . . . . . . . . .
16
Section 1202 exclusion. Enter as a positive number . . . . . . . . . . . . . . . . .
18
Subtract line 17 from line 16. If zero or less, enter -0- . . . . . . . .
If line 16 is a loss, enter, as a positive number, the smaller of:
• The loss on line 16; or
• $3,000 (If filing Form 1040, $1,500 when married filing separately)
. . .
19
20
If line 18 is more than line 19, enter the difference. Otherwise, enter -0- . .
If line 19 is more than line 18, enter the difference. Otherwise, enter -0- . . . . . . . . . .
Subtract line 20 from line 15. If zero or less, enter -0- . . . . . . . . . . . . . . . .
NOL deduction for losses from other years. Enter as a positive number . . . . . . . . . .
NOL. Combine lines 1, 9, 17, and 21 through 23. If the result is less than zero, enter it here. If the
result is zero or more, you don’t have an NOL . . . . . . . . . . . . . . . . . .

For Paperwork Reduction Act Notice, see the instructions.

Cat. No. 16545W

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Form 172 (1-2025)

Page 2

Form 172 (1-2025)

Part II

NOL Carryover (see instructions)

Complete one column before going to the next
column. Start with the earliest carryback year.
1
2

NOL deduction. Enter as a positive number .
Taxable income before the current year NOL
carryback. For estates and trusts, increase this
amount by the sum of the charitable deduction
(see instructions) . . . . . . . . . .

3
4

Net capital loss deduction (see instructions) .
Section 1202 exclusion. Enter as a positive
number (see instructions)
. . . . . . .
Qualified business income deduction (see
instructions) . . . . . . . . . . . .
Adjustment to adjusted gross income (AGI)
(see instructions) . . . . . . . . . .
Adjustment to itemized deductions from line 33
below (see instructions) . . . . . . . .
Estates and trusts, enter exemption amount .
Modified taxable income. Add lines 2 through
8. If zero or less, enter -0- . . . . . . .

5
6
7
8
9
10

2nd preceding tax year
ended:

1st preceding tax year
ended:

TREASURY/IRS
AND OMB USE
ONLY DRAFT
August 8, 2024
DO NOT FILE

NOL carryover to the subsequent year.
Subtract line 9 from line 1. Enter the result
from the first preceding tax year here and on
the net operating loss line of Schedule 1 (Form
1040) or Form 1040-NR or the net operating
loss deduction line of Form 1041. If zero or
less, enter -0- (see instructions) . . . . .

Adjustment
to
Itemized
Deductions
(Individuals Only). Complete lines 11 through
33 for the carryback year(s) for which you
itemized deductions only if line 3, 4, or 5
above is more than zero.
11
12
13
14

AGI before the current year NOL carryback . .
Add lines 3 through 6 above . . . . . . .
Modified AGI. Add lines 11 and 12 . . . .
Medical and dental expenses after AGI
limitation from Sch. A (Form 1040), or as
previously adjusted . . . . . . . . .

15

Medical and dental expenses before AGI
limitation from Sch. A (Form 1040), or as
previously adjusted . . . . . . . . .

16
17

Multiply line 13 by 7.5% (0.075) . . . . .
Subtract line 16 from line 15. If zero or less,
enter -0- . . . . . . . . . . . . .
Subtract line 17 from line 14 . . . . . . .
Mortgage insurance premiums from Sch. A
(Form 1040), for tax years before 2022, or as
previously adjusted . . . . . . . . .

18
19

20
21

Refigured mortgage insurance premiums (see
instructions) . . . . . . . . . . . .
Subtract line 20 from line 19
. . . . . .
Form 172 (1-2025)

Page 3

Form 172 (1-2025)

Part II

NOL Carryover (see instructions) (continued)

Complete one column before going to the next
column. Start with the earliest carryback year.
22
23

Modified AGI from line 13 . . . . . . .
Enter as a positive number any NOL carryback
from a prior year that was deducted to figure
line 11 . . . . . . . . . . . . . .

24
25

Add lines 22 and 23 . . . . . . . . .
Total charitable contributions for Sch. A (Form
1040 or Form 1040-NR), or as previously
adjusted (see instructions) . . . . . . .

26

Refigured
charitable
contributions
(see
instructions) . . . . . . . . . . . .
Subtract line 26 from line 25
. . . . . .
Casualty and theft losses deduction from Form
4684 . . . . . . . . . . . . . .
Casualty and theft losses before AGI limitation
from Form 4684 . . . . . . . . . . .
Multiply line 22 by 10% (0.10) . . . . . .
Subtract line 30 from line 29. If zero or less,
enter -0- . . . . . . . . . . . . .
Subtract line 31 from line 28
. . . . . .
Combine lines 18, 21, 27, and 32; enter the
result here and on line 7 . . . . . . . .

27
28
29
30
31
32
33

2nd preceding tax year
ended:

1st preceding tax year
ended:

TREASURY/IRS
AND OMB USE
ONLY DRAFT
August 8, 2024
DO NOT FILE

Form 172 (1-2025)