If you viewed or downloaded the 2021 Pub. 536, before December 27, 2022, please note that certain information on pages 1, 5, and 8 should have been as shown below. Page 1: What's New: NOL deduction limitation. In general, your NOL deduction for tax years beginning after December 31, 2020, cannot exceed the sum of: (1) the NOLs carried to the year from tax years beginning before January 1, 2018; plus, (2) the lesser of: (a) the NOLs carried to the year from tax years beginning after December 31, 2017, or (b) 80% of the excess (if any) of taxable income computed without regard to deductions for NOLs, or Qualified Business Income (QBI), or section 250 deductions, over the NOLs carried to the year from tax years beginning before January 1, 2018. Page 5: How To Carry an NOL Back or Forward, 3rd paragraph: For nonfarming businesses, since you can't carry the NOL to an earlier year, your NOL deduction for tax years beginning after December 31, 2020, cannot exceed the sum of: 1. The NOLs carried to the year from tax years beginning before January 1, 2018; plus 2. The lesser of: a. The NOLs carried to the year from tax years beginning after December 31, 2017, or b. 80% of the excess (if any) of taxable income computed without regard to deductions for NOLs, or Qualified Business Income (QBI), or section 250 deductions, over the NOLs carried to the year from tax years beginning before January 1, 2018. Page 5: How To Claim an NOL Deduction, 1st paragraph: If you have not already carried the NOL to an earlier year, your NOL deduction for tax years beginning after December 31, 2020, cannot exceed the sum of: 1. The NOLs carried to the year from tax years beginning before January 1, 2018; plus 2. The lesser of: a. The NOLs carried to the year from tax years beginning after December 31, 2017, or b. 80% of the excess (if any) of taxable income computed without regard to deductions for NOLs, or Qualified Business Income (QBI), or section 250 deductions, over the NOLs carried to the year from tax years beginning before January 1, 2018. Page 8: Worksheet 2, line 11: Combine lines 3, 4, and 6 above.