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- Client has CY income of around $6k and a combined NOL from 2018 and 2019 of over $310k. ITO is deducting all of NOL in current year Other Inc. Can I elect partial claim?
Client has CY income of around $6k and a combined NOL from 2018 and 2019 of over $310k. ITO is deducting all of NOL in current year Other Inc. Can I elect partial claim?
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cari-colby
Level 1
03-18-2021
03:41 PM
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On Schedule 1, line 8, the entire combined prior years NOL is being deducted, leaving the client with a negative AGI. On the NOL Utilization statement is shows that $81k is being absorbed this year, but their income is being reduced by the full amount.
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1 Comment 1
sjrcpa
Level 15
03-18-2021
04:20 PM
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That's how they want it presented.
The more I know, the more I don't know.
