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I'm not looking at your worksheet, but it is 80% of "taxable income". That math seems perfect to me.
The NOL is $23,400 in Column A.
Column B of NOL Wks shows Deduction Allowed in current year of $19200. That's above 82.1% of column A.
What am I missing?
Thanks, Christopher
I'm not looking at your worksheet, but it is 80% of "taxable income". That math seems perfect to me.
I had this exact situatiion where C Corp had pretty large NOL yet still owed tax on 2022 return even though 2022 profit was less than the NOL. seems kind of an odd rule but saw it first hand.
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