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Excess Business Loss and NOL Carryover

Level 7

Would like to get some input regarding this for 2021.

Assume MFJ for 2021
Wages    $1,000,000
Interest Income   $200,000
Business Gross Income   $100,000
Business Deductions   $900,000
2017 NOL Carryover    $1,500,000

The way I read the law is that the Business Loss of $800,000 will be restricted to $524,000.
So, income before Standard Deduction will be ($1,000,000 + $200,000 - $524,000) = $676,000.

However, since the NOL of $1,500,000 is a PRE 2018 NOL that will be allowed in full.

Am I on the right track here?

Thanks for all responses

0 Cheers