Individual Nol Carryback 2025 Schedule. Ordinarily, you must carry an nol back to the earliest year within the carryback period in which there is taxable income, then to the next earliest year, and so on. If you have an nol, the nol can be carried over to future tax years.

A net operating loss (nol) carryback allows businesses suffering losses in one year to deduct them from previous years’ profits. Do not use schedule b for a carryforward year.