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A
Alina
Level 1
February 9, 2022
Question

Can you carry over the amount of a negative adjusted gross income on a 1040 from previous year?

  • February 9, 2022
  • 2 replies
  • 15 views
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2 replies

sjrcpa
sjrcpa
Level 15
February 9, 2022

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.
    J
    jeffmcpa2010
    Level 10
    February 9, 2022

    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.

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