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

Alina · ‎02-09-2022

sjrcpa · ‎02-09-2022

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.

jeffmcpa2010 · ‎02-09-2022

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.

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

©1997-2024 Intuit, Inc. All rights reserved.

Intuit, QuickBooks, QB, TurboTax, and Mint are registered trademarks of Intuit, Inc. Terms and conditions, features, support, pricing and service options subject to change without notice.

By accessing and using this page you agree to the Terms and Conditions.