Winnie5911
Level 3
03-26-2021
04:08 PM
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Hello Jeff,
I have to be missing something. So I have the full loss on the Regular tax NOL worksheet.
It brings total from line 1040 line 8 &9 from line 8b, as -138k. Because 1040 line 8 & 9 is carrying over the full NOL from schedule 1 line 8. Line 23 has the NOL from prior years correct. Line 24 has 7k (farm income less self employment deductions)
The 1040 adjusted gross income shows -111k. This can't be.
On the NOL classification worksheet, it shows the farm income 10k, self employed insurance and tax deduction = 2k They have a standard deduction 27.4k.
Please help.