Hi Nelsona,
Your posts have been extremely helpful and informative. You may have an idea of whats going on
This year I have a NOL on my 1040. It appears that I am unable to use the standard deduction since I have an NOL.
So I earned about 35k and had a loss of approx. 85k which I report on 4797.
And the NOL is reduced to 50k to account for the 35k of income.
I would like to carryforward the entire 85k loss and have the 35k income reduced by standard deduction, dependents, child care etc.
However, I cannot figure out how to report the 2020 NOL, carryforward to another year and not use it in the current year…it seems once it is reported on 4797 it automatically goes to Schedule 1 which then goes to 1040.
I live in Canada and USA citizen so filing 1040 non resident and not sure if that is what I am running into these issues
Thanking you in advance
John
`Loss on 4797 automatically reduces income and cannot be carriedforward
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