Alina
Level 1
02-09-2022
10:43 AM
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sjrcpa
Level 15
02-09-2022
10:50 AM
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If there was an NOL and an election to forego the carryback was made, yes.
Negative AGI does not necessarily mean there is an NOL.
The more I know the more I don’t know.
jeffmcpa2010
Level 11
02-09-2022
10:59 AM
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NO. Negative AGI means nothing. (well in terms of carryover anyway).
You will need to read up and do some research on Net Operating Losses mentioned sjrcpa. It's not as simple as taking a negative number of the prior tax return.