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Emily, a single filer, has an NOL of $16,000 for 2022. She carries this loss forward to 2023. In 2023, her income tax information, before
Emily, a single filer, has an NOL of $16,000 for 2022. She carries this loss forward to 2023. In 2023, her income tax information, before the NOL carryforward, is as follows: Adjusted Gross Income Itemized deductions: Charitable contribution Medical expenses [12,000 - (7.5% x 73,000)] Taxable Income 73,000 (8,000) (6,525) 58,475 What will be Emily's taxable income after applying the NOL carryforward?
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