Question
Emily, who is single, sustains an NOL of $11,120 in 2018. The loss is carried forward to 2019. For 2019, Emily's income tax information before
Emily, who is single, sustains an NOL of $11,120 in 2018. The loss is carried forward to 2019. For 2019, Emily's income tax information before taking into account the 2018 NOL is as follows:
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* The 2018 single standard deduction is $12,000; Emily's itemized deductions will exceed the 2019 single standard deduction (after adjustment for inflation). The medical expense AGI floor is scheduled to be 10% in 2019.
How much of the NOL carryforward can Emily use in 2019, and what is her adjusted gross income and her taxable income?
Emily's adjusted gross income is $_______ and her taxable income is $________.
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